ECB's Koehler: Prices will remain high for some time after the US-Iran interim agreement

⑴ European Central Bank Governing Council member Martin Kocher stated that despite the temporary peace agreement between the US and Iran taking effect, consumer prices in the eurozone will remain at a relatively high level for some time. Kocher said at a meeting in Vienna that the Middle East conflict once again shows us the impact of shocks to energy prices. ⑵ He stated, "We hope that the temporary agreement reached today will help drive prices down, but prices will remain high for a period of time." He said the European Central Bank is prepared to take action at any time to ensure inflation drops to the 2% target, but there is still uncertainty about how the economy will respond.