European Central Bank President Christine Lagarde warned that the energy shock could intensify, and its impact on other prices and wage levels could prove more significant than currently expected, UNN reports, citing Reuters.
"In particular, gas prices may rise in the event of further supply disruptions or an unusually cold winter against the backdrop of low storage levels," Lagarde noted.
Europe enters winter with its lowest gas reserves in 13 years - The Guardian29.08.26, 20:38
The ECB chief also addressed the impact of weather conditions and other natural factors.
"Extreme weather events—likely intensified by the strengthening El Niño phenomenon and the broader climate and environmental crisis—could lead to food prices rising at a faster pace than forecast," she said.
The ECB raised interest rates for the second time due to rising oil prices10.09.26, 15:39