ECB’s Moulin Sees Broadening Energy Shock, But Not In Wages Yet

Central Banks ECB’s Moulin Sees Broadening Energy Shock, But Not In Wages Yet The jump in oil prices has started to feed to other goods and services, even if euro-area wages aren’t yet affected, European Central Bank Governing Council member Emmanuel Moulin said. “Three and a half months after the outbreak of the war in the Persian Gulf, it’s now clear that, regardless of short-term geopolitical developments, the energy shock will be persistent,” Moulin said in a post on LinkedIn. “The rise in oil and gas prices has begun to pass through to other prices in the consumer basket, notably the prices of certain services, even though we don’t yet see second-round effects via wages.”