# ECB’s Lane warns underlying inflation may rise as energy prices fall

> ECB Chief Economist Philip Lane said falling energy prices could lower headline inflation even as underlying inflation rises, reflecting delayed second-round effects. He also said the ECB places a high premium on Governing Council consensus and will set a high bar for directional guidance.

- Date: 2026-11-10 · published 2026-11-11T00:15:41.814Z
- Category: macro · region Eurozone · magnitude low
- Page: https://feedsoft.ai/events/92495-ecb-s-lane-warns-underlying-inflation-may-rise-as-energy-prices-fall
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

The warning that underlying inflation could remain persistent may keep the prospect of tighter ECB policy alive, but no immediate change in rates or commodity demand was announced.

## Read by commodity

- EURUSD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2025-11-21 | [ECB’s Lagarde: Remains open to adjusting monetary policy if inflation deviates](https://feedsoft.ai/events/22151-ecb-s-lagarde-remains-open-to-adjusting-monetary-policy-if-inflation-deviates.md) | +0.6% | +1.6% |
| EURUSD | 2020-09-01 | [Euro Falters After Eclipsing Key Level as ECB’s Lane Weighs In - Bloomberg](https://feedsoft.ai/events/51336-euro-falters-after-eclipsing-key-level-as-ecb-s-lane-weighs-in-bloomberg.md) | -1.3% | -1.9% |
| EURUSD | 2017-04-27 | [ECB sticks with  policy despite inflation shortfall – The Irish Times](https://feedsoft.ai/events/71694-ecb-sticks-with-policy-despite-inflation-shortfall-the-irish-times.md) | +0.4% | +2.8% |
| EURUSD | 2026-02-26 | [EUR/USD steady as ECB eyes inflation target, German CPI in focus](https://feedsoft.ai/events/20805-eur-usd-steady-as-ecb-eyes-inflation-target-german-cpi-in-focus.md) | -1.4% | -2.0% |
| EURUSD | 2025-08-29 | [Inflation Shows No Sign of Accelerating in France, Spain as ECB Mulls Next Steps -- Update \| MarketScreener](https://feedsoft.ai/events/23533-inflation-shows-no-sign-of-accelerating-in-france-spain-as-ecb-mulls-next-steps.md) | +0.7% | +0.2% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/ecbs-lane-warns-underlying-inflation-may-rise-as-energy-prices-fall-202611102121

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.