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European inflation nears worst-case due to energy costs
The rise in energy prices is close to the negative scenario outlined by the European Central Bank, increasing pressure from European inflation, which has exceeded 3% and could reach 4% by year's end. This increase heightens the likelihood of further interest rate hikes, but it limits their impact on economic growth due to higher long-term borrowing costs. It also leads to a slowdown in growth and reduces the transmission of the energy shock's effects to inflation and wages.
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