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ECB's Lane: Oil prices will continue to push up inflation

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Jin se Finance reported that on June 30, European Central Bank chief economist Lane said that as energy companies and governments rebuild inventories, oil prices could remain at levels above those seen before the war. Over the past week, Brent crude oil prices have fallen back to pre-war levels, but Lane said during the European Central Bank forum that oil demand for replenishing inventories could keep prices high and raise inflation. “From our perspective, we would be very happy to see oil prices fall. But in terms of the overall inflation momentum, oil prices may continue to stay above pre-war levels in the coming years, which in essence will put upward pressure on costs in the economy,” he said.
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