Philip Lane: High energy prices will lead to persistent inflation

Philip Lane, Chief Economist of the European Central Bank, stated that despite the agreement between the United States and Iran, high energy prices will lead to future inflation rates exceeding 3% and have indirect impacts on food, goods, and services. Philip Lane stated that crude oil prices are unlikely to significantly decline from the current level of $80 to $81 per barrel, and the forward curve is expected to be quite flat in the coming years.