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MNI BRIEF: Wages, Profits Slowing Core HICP Fall - ECB's Lane

(MNI) LONDON
Central Bank NewsPolicy NewsStoryEuropeEurozoneBriefEuropean Central BankRegionEuropean Central Bank (ECB) Market News
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Big declines in food and goods inflation are expected over the course of 2023, ECB chief economist Philip Lane told the ECB Watchers conference in Frankfurt on Wednesday, while spillover effects from high energy costs will also fall. But strong wage growth and profit growth are slowing the downward path of core inflation, led by increases in the service sector particularly.

Nominal wage growth is expected to continue over the next couple of years, but by smaller increments than previously seen, Lane said, with wage negotiations for 2024 a key indicator.

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Big declines in food and goods inflation are expected over the course of 2023, ECB chief economist Philip Lane told the ECB Watchers conference in Frankfurt on Wednesday, while spillover effects from high energy costs will also fall. But strong wage growth and profit growth are slowing the downward path of core inflation, led by increases in the service sector particularly.

Nominal wage growth is expected to continue over the next couple of years, but by smaller increments than previously seen, Lane said, with wage negotiations for 2024 a key indicator.