Soaring prices for oil and food are prompting central banks to shift attention from fighting slowing economic growth to stamping out inflation. European Central Bank President Jean-Claude Trichet said June 5 the bank may raise rates as soon as next month to combat rising prices. Consumer price increases in the 15-nation euro area accelerated to 3.7 percent in May, the fastest in 16 years. BNP Paribas, Credit Suisse Group, Barclay's Capital, Deutsche Bank and economic research group BAK Basel Economics all changed their forecasts last week to say the SNB would raise rates to 3 percent in June. ``Markets have already priced in higher rates,'' said Reto Huenerwadel senior economist at UBS in Zurich who forecasts rates to be unchanged. ``Looking at the economic fundamentals, an aggressive tightening isn't needed. It's a really close call.'' Still, the franc's 19 percent gain against the dollar in the past year is helping cushion the blow of soaring oil prices. At the same time, slowing growth may weaken demand, relieving some pressure on prices. ``The extent to which the economy is going to slow isn't yet certain,'' said Bernard Lambert, an economist at Pictet & Cie in Geneva. ``It's a good time for the SNB to wait and see.'' Some price increases will likely linger even if growth slows. High food costs ``are here to stay'' as governments divert resources to make biofuels, amass stockpiles and limit exports, Peter Brabeck-Letmathe, chairman of Nestle SA, the world's largest food company, said June 16. Food prices ``will establish themselves on a higher level but not at the peaks we have seen,'' he said.