The Eurostat data on Thursday confirm that price growth is now well past its peak, even if underlying price pressures still show no signs of abating
Euro zone inflation was only a touch higher in January than earlier estimated, Eurostat said on Thursday, confirming that price growth is now well past its peak, even if underlying price pressures still show no signs of abating.
The ECB has raised rates by a combined 3 percentage points since July to tame inflation and policy-makers are now getting concerned that what was initially an energy cost-driven surge, is now broadening out to impact all sectors. The issue is that underlying inflation is a better reflection of future price developments, so a rate that holds above the ECB’s own 2 per cent target, raises the risk of a persistent overshooting.
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