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Lagarde: Wage increases pay increasing role in inflation

ECB
  • Q: Do you consider European commercial real estate is a matter of concern? Can you elaborate on the dynamics of wages and price?
  • A: We have paid a lot of attention to commercial property. The decline in prices started before the tightening in monetary policy. We have seen a slowdown in the evolution of prices and we will continue to monitor in the future.
  • A: Wage increases are paying an increasing role as a driver of inflation, so have profit margins. On the profit margin front we are seeing a slight decline in Q123. Profit margins are wide enough to accommodate wage increases. If we look at inflation expectations and how wages and profits are evolving, we are not seeing a second-round effect.
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