Bundesbank president and ECB Governing Council member Nagel said energy price rebounds raise inflation risks and could pass through to other goods and wages, pushing inflation higher. He noted the ECB’s September baseline forecasts already assumed further tightening and said the inflation outlook has since worsened. A rate increase in December is likely unless the inflation outlook improves materially; any decision will be based on the latest economic projections. Euro‑area September headline in

Bundesbank president and ECB Governing Council member Nagel said energy price rebounds raise inflation risks and could pass through to other goods and wages, pushing inflation higher. He noted the ECB’s September baseline forecasts already assumed further tightening and said the inflation outlook has since worsened. A rate increase in December is likely unless the inflation outlook improves materially; any decision will be based on the latest economic projections. Euro‑area September headline inflation is expected near 4% (about double the ECB’s 2% target); core inflation around 2.5%. Nagel added that the ECB paused last week but clear second‑round inflation effects have not yet emerged.