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Lagarde: Higher Energy Prices May Reduce Purchasing Power

ECB

Lagarde opening statement at the press conference continued, with some focus on inflation dynamics:

  • Higher energy prices may reduce purchasing power in the months to come.
  • The upswing in inflation reflects higher energy prices, recovering demand outpacing supply and base effects related to the end of the German VAT cut. The influence of these factors will ease in the course of 2022.
  • The gradual return of the economy to full capacity will underpin a rise in wages over time.
  • Inflation expectation measures have moved closer to 2%, which will support underlying inflation and the movement towards target over the medium term.
  • If supply bottlenecks feed through to higher than anticipated wage rises or the economy returns to full capacity sooner then price pressures would rise further.
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