ECB May Need to Tighten Further After the Summer, Nagel Says

The European Central Bank may have to continue raising borrowing costs beyond the summer, according to Governing Council member Joachim Nagel.

Underlying inflation, which excludes food and energy costs and is currently officials’ preferred gauge of price swings, won’t slow quickly, the Bundesbank chief said Friday in Niigata, Japan, at a Group of Seven meeting of finance and central-bank chiefs.