According to Escrivá, how are rising oil prices affecting the broader economy beyond energy?

Escrivá stated that aside from the direct increase in energy prices—and specifically oil prices—'indirect effects are becoming apparent', meaning price increases are being passed through the production chain into goods and services, notably affecting sectors such as transport and food, which rely on plastic or energy as inputs.

What long-term inflationary concern does Escrivá cite as justification for continued interest rate hikes?

Escrivá explained that interest rate increases are a response to oil’s impact on inflation 'in a horizon that goes beyond 2026, in 2027, and especially in the more stable components of inflation', highlighting the 'very big persistence of inflation' in the services sector.

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ECB's Escrivá Says Oil Prices Starting to Ripple Through Other Sectors

Jun 23, 2026

ECB member Jose Luis Escrivá warned that high oil prices are feeding into production chains, impacting transport and food sectors reliant on plastic and energy inputs. He cited these indirect inflationary effects as a reason for potential interest rate hikes extending beyond 2026.

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