Inflation set to drop in Europe, Goldman Sachs report states

Inflation is set to drop in Europe over the next three years, according to a Goldman Sachs report released on Monday ahead of the convening of the Governing Council of the European Central Bank (ECB) on Thursday.

Inflation is set to stand at 2.7% in 2022, drop to 1.6% the following year and rise a small amount in 2023, up to 1.8%, according to the report.

Goldman Sachs' report also predicted that new restrictions will be set in place for tourists traveling to Europe due to the Omicron variant, however, they will be less severe than in previous coronavirus outbreaks.