The ECB’s Nagel commented on inflation risks and the outlook for interest rates.A rate hike in December is very likely to be necessary.Inflationary pressures higher than expected in September. Approaching adverse scenario.We can and must prevent energy price spike causing broad-based inflation.AnalysisNagel is leaning clearly toward a December hike. The key is his concern that the energy price spike could spill over into prices elsewhere in the economy. With inflation pressures already running hotter than expected in September, he sees a strong case for acting in December. For traders, the question now is how much support that view has across the Governing Council. This article was written by Greg Michalowski at investinglive.com.