ECB’s Guindos Says Oil Price Not Derailing Inflation Retreat

European Central Bank Vice President Luis de Guindos said recent swings in commodities prices due to the war between Israel and Iran don’t change the outlook for inflation in the euro zone.

“If oil prices rise — but it looks like they are somehow contained — it’s something we’ll have to take into consideration,” Guindos said Tuesday in Santander, Spain. “But the process by which inflation is coming down is locked in. From what we’re seeing today, the process hasn’t gone off the rails — not at all.”