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Eurozone Struggles: Gas, Food Prices Rise, ECB Hike Unlikely

7/7/2026

42 6 Full Breakdown

Summary

Story summary

Isabel Schnabel said the euro-zone economy has not returned to pre-war conditions, noting gas prices 40 % above pre-war and warning that a heat wave could raise food prices.
Pierre Wunsch said the shock has faded from markets but cautioned the ECB not to wait too long for a final rate hike.
Markets view a second ECB rate increase at the July 22-23 meeting as unlikely and expect updated projections in September.

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Story summary

Isabel Schnabel said the euro-zone economy has not returned to pre-war conditions, noting gas prices 40 % above pre-war and warning that a heat wave could raise food prices.
Pierre Wunsch said the shock has faded from markets but cautioned the ECB not to wait too long for a final rate hike.
Markets view a second ECB rate increase at the July 22-23 meeting as unlikely and expect updated projections in September.