European Union officials said Friday that Europeans can expect oil and gas prices to remain above what they were before the Iran war for at least until the end of 2027, with prices of other goods also following an upward trajectory.

EU Economy Commissioner Valdis Dombrovskis said that higher energy prices are primarily responsible for driving inflation to a forecast 3.1% for this year and 2.4% for 2027. That's significantly higher than the earlier forecast for this year of 1.9%.