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MNI BRIEF: Demand Emerging As Key Inflation Driver - ECB Study

(MNI) LONDON

The importance of demand in driving euro area headline inflation excluding energy and food (HICPX), has increased in the latter pandemic period, a paper published by the ECB argues.

The increase in HICPX inflation beginning in the third quarter of 2021 was principally supply-driven, the study’s authors report, although its influence has since declined relative to demand factors.

Supply factors remain dominant in price rises linked to non-energy industrial goods (NEIG), but the strong increase in services inflation since mid-2021 has been driven by both demand and supply factors.

MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
Central Bank NewsPolicy NewsEuropean Central BankCEEMEAEurozoneEuropean Central Bank (ECB) Market NewsBriefStoryRegion
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MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
Central Bank NewsPolicy NewsEuropean Central BankCEEMEAEurozoneEuropean Central Bank (ECB) Market NewsBriefStoryRegion
True

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