NICOSIA, Cyprus (AP) — European Union officials say that Europeans can expect oil and gas prices to remain above what they were before the Iran war for at least until the end of 2027. Prices for other goods are also following an upward trajectory. EU Economy Commissioner Valdis Dombrovskis said Friday that higher energy prices are primarily responsible for driving inflation to a forecast 3.1% for this year and 2.4% for 2027. That’s significantly higher than the earlier forecast for this year of 1.9%. European Central Bank President Christine Lagarde said that “lagging effects” would keep the price of goods elevated even if the conflict in the Middle East ended now.
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