(Bloomberg) -- European Central Bank Governing Council member Fabio Panetta said that consumer-price growth is slowing more rapidly than anticipated.

“Inflation is falling faster than expected,” he said in Sao Paulo, where he’s attending meetings of Group of 20 finance ministers and central bank chiefs.

Speaking a week before the next rate decision, the Italian central bank governor said that the ECB’s quiet period means he’s precluded from saying any more. 

Sitting alongside him, Italian Finance Minister Giancarlo Giorgetti said that his country’s inflation figures are “positive.”

He acknowledged that the ECB’s target hasn’t yet been reached, but said that since as a politician he can speak then “politically, I’d like to say that a cut in rates could help boost growth which is low across Europe — I think I’m not the only one who shares this view.”

The ECB is predicted to keep rates unchanged on March 7. Most policymakers have voiced a preference for starting to lower borrowing costs in June, though Panetta highlighted earlier this month that “the time for reversal of the monetary policy stance is fast approaching.” 

(Updates with Giorgetti starting in fourth paragraph)

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