In times of rising energy prices, the ECB faces the challenge of increasing taxes. Recent acceleration in inflation in the eurozone has primarily been caused by rising energy and food prices. Significantly, energy inflation reached 20% in September, while current prices remained stable at 2.5%.

Although there are no signs of secondary effects, the ECB continues to worry about the possibility of increasing tax burden for potential broader inflationary pressures. Inflation has driven interest rates above 2% this year as a result of America's attack on Iran, which has led to energy prices surging, feeding into final prices for a group that imports most of its energy. The ECB left taxes unchanged last week but a long list of policymakers, including influential central bank chiefs from Germany and Italy, have already indicated that a December release is now probable.

How do companies deal with energy constraints and sustainability goals? Financial instruments are booked for two to three ECB releases over a 2.5% deposit next year, with expectations often changing in sync with oil prices. The Swedish Central Bank followed its peers, raising its main tax rate to 4%, as expected an increase of over 4% in inflation in the future.

A possible disadvantage for the ECB is that rising food prices continue to accelerate with non-processed food prices tripling annually. This element represents only a small part of the final price but includes some of the most frequently consumed products by consumers. Rapid changes in prices can have a greater impact on forming inflationary expectations, economists argue.

Service inflation, the largest component in the final price chain, reached 3.3% from 3.2%. The ECB faces increasing taxes due to rising inflation and energy costs, prompting another ECB release in December.