Daiwa Capital Markets analysts say ECB officials may have been reassured that, to date, indirect pass-through from the energy shock to other commodity prices has been limited. Pressure so far has been concentrated in upstream supply chains and in industries most exposed to oil and gas, but with wholesale oil and gas prices rising again in recent weeks the risk is growing that indirect transmission and second‑round price effects will intensify and persist longer.

2026-08-21

Daiwa Capital Markets analysts say ECB officials may have been reassured that, to date, indirect pass-through from the energy shock to other commodity prices has been limited. Pressure so far has been concentrated in upstream supply chains and in industries most exposed to oil and gas, but with wholesale oil and gas prices rising again in recent weeks the risk is growing that indirect transmission and second‑round price effects will intensify and persist longer.