MNI China Daily Summary: Thursday, December 12

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Lagarde On Inflation: Price Pressures Remain Strong Across Sectors

ECB
  • Decline of inflation in Oct mainly on energy prices; services edged down. Food prices accelerated amid high production costs passed through. Price pressures remain strong across sectors, partly due to high energy costs throughout the economy. Core was unch in Nov, and other measures are also high.
  • Fiscal measures on household energy are set to dampen inflation over the next year, but raise when withdrawn.
  • Supply bottlenecks are easing but still contributing to goods price inflation. Same for lifting of pandemic restrictions; pent-up demand still driving up prices, esp for services.
  • Euro depreciation feeding through to consumer prices.
  • Wage growth strengthening, supported by robust labor markets and catch-up in wages. These factors are set to remain in place, pushing up wages and inflation.
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