Forex

BASEL (Thomson Financial) - Global growth is slowing down somewhat but is continuing, G10 central bankers group chairman Jean-Claude Trichet said.

'I will not depart from present (IMF) projections at the global level. There is an ongoing growth with a certain level of slowing down,' Trichet told reporters after a meeting of the G10 group.

The IMF is forecasting that global growth will slow to 4.1 pct this year from 4.9 pct last year.

Emerging markets are showing particular resilience, he noted.

'It is true for financial markets in emerging countries and also true for their real economy,' Trichet said.

Inflation remains a major concern for the whole global economy, notably the high price of food and commodities, he added.

The recent sharp rise in commodity and food prices means that inflation risks are materialising in a striking way, he said.

Inflation reached 3.2 pct in the euro zone in February, well above the ECB's target of a rate just under 2.0 pct.

In the US, inflation reached 3.7 pct in January, its highest level for nearly two decades.