ECB executive board member Kocher said on Friday the bank does not yet see clear
second‑round effects but risks of persistent inflation remain. Beyond oil, the
ECB’s attention is shifting to the gas market, food prices and euro‑area wages.
He said energy price increases typically feed into services prices with a longer
lag while pass‑through to goods is faster. Kocher added the September meeting
will be particularly important for gauging how energy market developments affect
inflation.
