According to CoinMeta, analysts at Daiwa Capital Markets pointed out in a report that so far, ECB policymakers may feel somewhat reassured by the relatively limited indirect impact of the energy shock on prices of other commodities. They stated that the pressure is mainly concentrated in the early stages of the production chain and in industries that are most vulnerable to changes in oil and gas prices. However, as wholesale oil and gas prices have risen again in recent weeks, the risk of further intensification and prolongation of the indirect transmission effects and a second round of price impacts is also increasing.