European Inflation Will Likely Remain 'Significantly' Above Target Due To The 'Energy Price Shock,' ECB Official Warns

Joachim Nagel, the president of Germany's central bank, said inflation is at risk of staying above target despite the ceasefire between the U.S. and Iran. (Credit: Getty Images)

Joachim Nagel, the president of Germany's central bank, said inflation is at risk of staying above target despite the ceasefire between the U.S. and Iran.

Speaking to CNBC, Nagel said the "energy price shock" is "still in the system." He went on to say that the European Central Bank's decision to raise its key interest rate for the first time in three years was correct.