ECB Governing Council member Escrivá said rising oil and commodity prices tied
to the Middle East conflict are passing through to consumer prices and could
trigger wage spillovers the ECB must monitor. At this month’s policy meeting he
flagged energy as a key input whose cost increases are transmitting to
prices—citing higher transport-service prices—and warned the bank must be alert
to second‑round wage effects, which would depend on inflation persistence.
