ECB’s Rehn Says Data Show First Sign of Stagflationary Shock

European Central Bank Governing Council member Olli Rehn warned that data are starting point to stagflation as a result of the Iran war and rising energy prices.

“The first signs were already visible in the statistics, when growth in the euro area in the first quarter was only slightly positive and inflation accelerated to 3%,” the Finnish central-bank chief said Wednesday in a speech.