ECB Governing Council member Pablo Hernandez de Cos warned that supply chain problems and rising raw material prices affected the pace of economic recovery negatively. “Recent developments anticipate a significant downward economic outlook revision for 2021.”
“We’ll keep observing relatively high inflation rates in coming months,” he added. “High commodity prices have transitory nature, though we cannot rule out price hike will persist over coming months.” In particular, “high energy prices may persist through winter as oil and gas storage is relatively low.”
