It will take some time for inflation rates to drop to the 2% target set by the European Central Bank (ECB), says the president of Germany’s central bank. Joachim Nagel told broadcaster RTL/ntv that he expected inflation rates to drop in Germany in December due to the gas price cap introduced by the government. In November, inflation in Europe’s biggest economy stood at 10%, the Federal Statistical Office (Destatis) confirmed last week. In 2023, annual inflation would ease to 7%, before dropping significantly from 2024, the central bank president predicted. It takes between 18 months and two ye…