(Bloomberg) -- The rate of consumer-price rises in France has probably passed its peak, the country’s central bank governor, Francois Villeroy de Galhau, said on Wednesday.

“We said inflation will reach its peak during this semester,” he said during the presentation of the French Prudential Supervision and Resolution Authority (ACPR) annual report. “We’re very likely there. It’s even likely that we’ve passed the peak and so inflation will come down in France, as we said, between now and the end of the year, even if it won’t be sufficient.”

Data published earlier on Wednesday showed that a measure of annual consumer-price changes in the euro zone’s second-largest economy softened to 6% in May from 6.9% in April. That’s a sharper slowdown than the 6.4% gain economists surveyed by Bloomberg had estimated.

Villeroy, who is also a member of the European Central Bank Governing Council, said there was a notable decrease in elements of so-called underlying inflation, which excludes items such as food and energy. 

“Part of this can doubtless be attributed to the first effects of monetary policy transmission,” he said. “But I say this with caution.”

The ECB has raised interest rates by 375 basis points over the past year, and it is widely expected to continue its tightening cycle with two quarter-point steps in June and July. Some policymakers have said another move in September may also be needed.

“I think this morning’s figure is a further sign that, rather than the level of the terminal rate, on which a lot of attention is focused, it’s how long we remain there that is essential,” Villeroy added.

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