ECB proceedings: overall inflation will rise further this summer

On 9 July, the ECB concluded its meeting that, although the forecast already included an increase of nearly three 25 basis points, overall inflation would rise further this summer and remain well above the target level in the first half of 2027. All members agreed that the risks to inflation prospects were upwards compared to the staff baseline projections. If energy prices do not decline as suggested by the futures curve, inflation above targets may be significantly more persistent。