GENEVA (Reuters – Austria’s WIFO Economic Institute plans to boost its inflation forecast to 6.5% this year, up from 5.8% in March. This is due to rising energy prices.

WIFO’s March estimate is that the 5.8% is correct. “We will have to revise this upwards to 6.5%,” Gabriel Felbermayr, director of WIFO, told ORF.

The revised forecast, he said, included provisions for an EU oil embargo. These EU countries are currently in negotiations.