European Central Bank (ECB) Governing Council member and Deutsche Bundesbank President Joachim Nagel, speaking on the 5th at a precious metals conference in Sorrento, Italy, said that while Eurozone inflation remains at elevated levels with upside risks dominating, there is currently no evidence of "second-round effects" in which surging energy prices spill over into wages and other prices. "At this point, we do not see clear signs that inflation is feeding into price- and wage-setting," Nagel said. He added that long-term market-based expectations and expert forecasts remain consistent with the Eurosystem's 2% inflation target. Eurozone inflation currently stands at 3.8%, nearly double the ECB's 2% target.
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