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ECB’s Lane says energy is still main inflation driver

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ECB’s Lane says energy is still main inflation driver By Reuters

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Economy 8 minutes ago (Sep 14, 2022 12:24)

© Reuters. FILE PHOTO: Executive Board member of the European Central Bank Philip Lane attends the Fortune Global Forum in Paris, France, November 18, 2019. REUTERS/Gonzalo Fuentes

FRANKFURT (Reuters) – Higher energy prices remain a “dominant driving force of inflation” in the euro zone by making imports more expensive, the European Central Bank’s chief economist said on Wednesday.

“It is crystal clear that the appropriate monetary policy for the euro area should continue to take into account that the energy shock remains a dominant driving force of inflation” he told an ECB meeting with bank representatives.

He repeated, however, the ECB’s pledge to continue raising interest rates, adding increments “will be larger, the wider the gap to the terminal rate and the more skewed the risks to the inflation target.”

ECB’s Lane says energy is still main inflation driver

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