Weber says ECB concerned on oil price effect

Bundesbank president Axel Weber has said the European Central Bank is concerned about the possible secondary inflationary effects of the higher oil price.

Speaking to reporters on the sidelines of a conference in Frankfurt, AFX reported Weber as saying he is confident that the recent rise in inflation and inflation expectations is temporary and that they will recede.

But he added that if higher inflation expectations lead to secondary effects such as rising wages, "that would be worrying".

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