[The Chief Economist of the European Central Bank warns that a new round of energy shocks will cause inflation to last longer] On September 22, Philip Lane, the Chief Economist of the European Central Bank, told the Swiss newspaper Le Temps that a new round of high energy prices means that inflation in the euro area will last longer than initially expected. “We are seeing a second wave of rising prices, not just for oil but for natural gas as well,” he said in an interview on Tuesday. "We believe that a second round of energy price increases will lead to higher and more persistent inflation before inflation falls back toward our target from mid-2027." "The second round of energy price increases we are seeing now should put upward pressure on food prices, energy prices broadly such as electricity, and overall commodity prices," Lane said. "On the other hand, pressure on the services sector should remain manageable." "If the shock this fall is stronger and lasts longer, it will put pressure on the economy," Lane said. "But if the shock is mild, some positive factors should support growth, such as large-scale public spending in parts of Europe," he said. “In particular Germany’s infrastructure and defense investment plans, and the EU’s ‘Next Generation EU’ programme.”