Energy costs push European inflation upward

The rise in energy prices is bringing European inflation closer to the negative scenario, according to Finnish Central Bank Governor Olli Rehn, as the inflation rate could approach 4% by the end of the year, which is double the target set by the European Central Bank. The increasing energy costs are exerting more inflationary pressure, although higher long-term borrowing costs are limiting the extent to which this impact spreads to the broader economy. Continued increases in energy prices are expected to lead to higher long-term interest rates, which will slow economic growth and reduce the influence of energy shocks on prices and wages, while uncertainty remains high regarding growth and inflation outlooks.

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