The European Central Bank has begun a tightening cycle, according to comments on Friday from Vice President Boris Vujcic. The ECB also sees a risk that energy prices remain higher for longer, a backdrop that could complicate the inflation outlook. He said crude oil prices appear more likely to decline than refined products. Diesel prices, in particular, are expected to stay elevated for an extended period, a dynamic that would continue to feed through to inflation. We are seeing a renewed push toward monetary tightening as sticky energy costs threaten to push Eurozone inflation back up this autumn.
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