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Joachim Nagel, President of the Bundesbank, Germany's central bank, speaks to members of the Foreign Journalists' Association on April 23, 2024 in Berlin, Germany.
Michele Tantussi | Getty Images
Inflation is at risk of remaining above target despite the U.S. and Iran agreeing to end their war in the Middle East, a top European central banker warned on Tuesday.
Speaking to CNBC's Annette Weisbach on the sidelines of the European Central Bank's Forum on Central Banking in Sintra, Portugal, Bundesbank President Joachim Nagel said there is a probability inflation "will stay at an elevated level."
"The energy price shock… is still in the system. I suspect the inflation rate will stay significantly above our target," he said.
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