Philip Lane, chief economist at the European Central Bank (ECB), indicated that the energy shock driving up crude oil and natural gas prices amid renewed geopolitical risks will persist longer than the ECB had assumed in March. He stated that eurozone inflation will consequently not return to target until mid-2027. According to Swiss newspaper Le Temps in its September 22 edition, Lane told the publication: "We think this second wave of energy price increases will produce higher and more persistent inflation. Inflation will then decline toward target starting in mid-2027." The eurozone is currently experiencing a second wave of energy price increases that encompasses not only oil but also natural gas.
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