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Lagarde: Near-term econ outlook deteriorated while inflation drivers changing

ECB
  • The near-term economic outlook has deteriorated owing to weaker domestic demand. High inflation and tighter financing conditions are dampening spending. This is weighing on manufacturing output, which is also being held down by weak external demand. Housing and business investment area showing signs of weakness. Services appear more resilient. Momentum is slowing in the service sector. The economy is expected to remain weak in the short run. Rising incomes and improving supply condition should support the recovery.
  • The drivers of inflation are changing. External sources are easing, but domestic price pressures including from wages and robust profit margins are becoming an increasingly important driver of inflation. While some measures are moving lower, underlying inflation remains high overall including owing the persistent impact of past energy price increases.
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