European Central Bank Governing Council member Boris Vujčić stated in an interview with Reuters that energy prices have continued to increase and are now well above the baseline of the ECB's latest projections, becoming the main driver for market expectations regarding inflation, the rate path, and the terminal rate. He noted that markets are pricing in several rate hikes over the next 12 months, but emphasized that the ECB does not provide forward guidance and makes monetary policy decisions based on a broader set of data, not solely energy prices. Vujčić also anticipates food inflation to gradually increase, peaking at 3.4% in the third quarter of 2027.