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Free AccessLagarde: Not Yet Enough Information To Assess Profit Impact On Inflation
The Lagarde press conference concludes with Q: The German government has passed a savings package that includes a higher carbon tax. To what extent will this affect eurozone inflation? The main driver for the stubborn inflation in the coming months will be wages and profits. Does this mean there is still some risk of a wage-price spiral?
- A: It's obviously premature. The German coalition decision came yesterday. We have not figured those numbers into our current projection. We obviously will do so and try to understand its impact.
- A: We have seen a contribution from profit to inflation declining over the course of 2023. If that is confirmed (it is a big ‘if’) it means the hypotheticals in our forecast that markups would be reduced to absorb increased wages, then that is actually taking place. This would be really good news for inflation. But we don’t have enough information to show that this will happen.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.