ECB warns of inflation spiral due to energy costs from Middle East conflict
A member of the European Central Bank (ECB) Council, Dimitar Radev, warns of a risk of rapidly rising inflation expectations in the eurozone due to the Middle East conflict. The high energy costs caused by the Iran war have already driven inflation significantly above the ECB's target level. Radev calls on the ECB to be prepared for rapid interest rate increases should persistent price pressures emerge.