{"id":8983,"date":"2026-05-23T15:34:58","date_gmt":"2026-05-23T15:34:58","guid":{"rendered":"https:\/\/friscotimes.org\/?p=8983"},"modified":"2026-05-23T21:14:08","modified_gmt":"2026-05-23T21:14:08","slug":"europe-just-admitted-the-iran-wars-price-shock-isnt-going-away","status":"publish","type":"post","link":"https:\/\/friscotimes.org\/?p=8983","title":{"rendered":"Europe Just admitted the Iran War’s price shock isn’t going away"},"content":{"rendered":"\n
\n

European Union officials said Friday that Europeans can expect\u00a0oil and gas prices<\/a>\u00a0to remain above what they were before\u00a0the Iran war<\/a>\u00a0for at least until the end of 2027, with prices of other goods also following an upward trajectory.<\/p>\n

\n

EU Economy Commissioner Valdis Dombrovskis said that higher energy prices are primarily responsible for driving inflation to a forecast 3.1% for this year and 2.4% for 2027. That\u2019s significantly higher than the earlier forecast for this year of 1.9%.<\/p>\n

\u201cWe expect that this energy inflation will gradually also trickle down to different sectors of the economy,\u201d Dombrovskis said after a meeting of the 21-member eurozone\u2019s finance ministers, who make up the Eurogroup.<\/p>\n

European Central Bank President Christine Lagarde said that even if the conflict in the Middle East ended now, \u201clagging effects\u201d would keep the prices of goods elevated.<\/p>\n

\u201cAnd it\u2019s probably a fact that price levels will be higher at the end of this crisis, when we see the end of the crisis,\u201d Lagarde said.<\/p>\n

She said that the ECB would take \u201call the necessary measures\u201d to keep price stability at 2% by paying close attention to the aftereffects of the initial economic shock brought on by the energy price hike. She also pointed to how much\u00a0oil the EU holds in reserve<\/a>\u00a0to meet possible demand.<\/p>\n

Eurogroup President Kyriakos Pierrakakis said that for the EU, an end to the crisis would mean a return to free navigation without the imposition of any tolls through the Strait of Hormuz, from which roughly a fifth of the world\u2019s oil and gas passes.<\/p>\n

Pierrakakis affirmed that\u00a0economic growth<\/a>\u00a0within the eurozone would reach 0.9% this year and 1.2% in 2027, lower than the previous forecast, \u201cbut clearly far from a recession scenario.\u201d<\/p>\n

Although higher inflation projections have led to predictions that the ECB would raise its interest rate benchmarks to combat inflation, Lagarde didn\u2019t offer any indication of how the bank would act.<\/p>\n

\u201cWe will continue to follow a data-dependent and meeting-by-meeting approach in order to determine the most appropriate monetary policy stance in order to deliver on our 2% medium-term target,\u201d Lagarde said.<\/p>\n<\/div>\n

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European Union officials said Friday that Europeans can expect\u00a0oil and gas prices\u00a0to remain above what they were before\u00a0the Iran war\u00a0for at least until the end of 2027, with prices of…<\/p>\n","protected":false},"author":1005,"featured_media":8984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[6],"tags":[9486,1703,1685,325,1924,753,3724],"jetpack_publicize_connections":[],"yoast_head":"\nEurope Just admitted the Iran War's price shock isn't going away - Frisco Times<\/title>\n<meta name=\"description\" content=\"EU officials see higher oil and gas prices at least through the end of 2027.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/friscotimes.org\/?p=8983\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Europe Just admitted the Iran War's price shock isn't going away - 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