Increases in European energy prices have greater and more persistent effects on consumer prices than decreases do, according to a new study from the National Bank of Denmark.

The report by Victoria Havsteen Branner, an economist at the bank, shows that although rising energy prices lead to increases in aggregate prices, falling energy prices do not lead to any commensurate reduction in prices overall.

She believes this asymmetry could result in higher inflation in the absence of countervailing