The article emphasizes the need for caution regarding rising energy prices and their potential impact on inflation in the Eurozone. Drawing lessons from the start of the Ukraine war, it points out that the European Central Bank (ECB) should not underestimate the consequences of surging energy costs. High fuel prices have become a common sight again, reaching over two euros at gas stations, reminiscent of previous crises that affected economic stability.

While the current inflation rate in the Eurozone, reported at 1.9% in February, falls below the ECB’s target of 2%, the situation is evolving. The piece suggests that the business landscape has shifted significantly since February, implying that external factors, such as energy price spikes, must be carefully monitored. The reference to Bundesbank President Joachim Nagel's comments highlights a dissonance between the current inflation statistics and the geopolitical realities impacting energy supply and pricing.

In conclusion, the article underscores the significance of energy prices in shaping the inflation outlook in the Eurozone and warns that not recognizing these dynamics could lead to repeating past mistakes. This serves as a timely reminder for policymakers to consider the broader implications of energy market fluctuations on economic stability.