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Lagarde: Labour Costs Likely To Fluctuate In Near-Term

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  • Lagarde on inflation:"Most measures of underlying inflation fell further in February, confirming the picture of gradually diminishing price pressures." Unchanged wording.
  • She says that labour costs will likely fluctuate in the near-term but that profits are absorbing some of the pickup in unit labour costs. A reminder that the full Q1 national accounts are released tomorrow, which should confirm this dynamic, allowing the GDP deflator to moderate on an annual basis.
  • The drivers of inflation over the next year are the same as those mentioned in April.
On growth: "Risks to growth remain tilted to the downside in the near-term but balanced in the medium-term."
  • Previously this was "The risks to economic growth remain tilted to the downside" with no breakdown between near-term and medium-term.
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  • Lagarde on inflation:"Most measures of underlying inflation fell further in February, confirming the picture of gradually diminishing price pressures." Unchanged wording.
  • She says that labour costs will likely fluctuate in the near-term but that profits are absorbing some of the pickup in unit labour costs. A reminder that the full Q1 national accounts are released tomorrow, which should confirm this dynamic, allowing the GDP deflator to moderate on an annual basis.
  • The drivers of inflation over the next year are the same as those mentioned in April.
On growth: "Risks to growth remain tilted to the downside in the near-term but balanced in the medium-term."
  • Previously this was "The risks to economic growth remain tilted to the downside" with no breakdown between near-term and medium-term.