ECB meeting minutes: Overall inflation will rise further this summer

July 9, minutes of the European Central Bank meeting: Although the forecast includes nearly three 25 basis point interest rate hikes, the overall inflation rate will rise further this summer and remain well above the target level in the first half of 2027. All members agreed that the risks to the inflation outlook were skewed upward compared to the staff baseline forecast. If energy prices do not fall as the futures curve suggests, inflation above target may be significantly more persistent.