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Lagarde: EUR Weakness Adding To Inflation Pressures; Wage Growth May Be Up

ECB

Pres Lagarde continues her opening comments with a discussion of inflation dynamics:

  • Energy price inflation remained the main driver of inflation in September. Food price inflation also rose further as high input costs made food production more expensive.
  • Supply bottlenecks are gradually easing, but their lagged contribution is keep inflation elevated. The depreciation of the euro has added to the build up of inflation pressures.
  • Price pressures are being seen in more and more sectors as high energy input costs feed through the economy. Measures of underlying inflation remain at elevated levels.
  • Strong labour markets are likely to support higher wages. Incoming wage data and agreements indicate that the growth of wages may be picking up.
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