Magyar nyelven nem elérhető
Anna Beschin
- 1 August 2024
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 5, 2024Details
- Abstract
- Euro area inflation differentials rose sharply during the pandemic and the energy crisis but have since largely returned to previous levels. Monitoring the evolution and nature of inflation differentials is informative when assessing the transmission of the single monetary policy. This box puts the recent developments in inflation dispersion into perspective. Headline inflation and its subcomponents have all experienced considerable divergences across countries, with energy and food inflation playing a significant role. However, with a few exceptions, these temporarily sizeable differentials did not result in substantial changes in relative price levels across countries.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
E65 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Studies of Particular Policy Episodes
- 25 April 2024
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 3, 2024Details
- Abstract
- Headline and core inflation levels and momentum dynamics in the euro area are currently somewhat weaker than in the United States, reflecting buoyant rent inflation and consumption growth in the United States but also the different cyclical positions of the two economies. Core inflation remains elevated overall in both economic areas, due notably to high levels of services inflation. At the same time, goods inflation has declined considerably, in line with the normalisation of disrupted supply chains at the global level and lower commodity prices. Labour costs started moderating earlier in the United States, with euro area wage growth peaking later and productivity growth being muted by cyclical and structural factors.
- JEL Code
- E24 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies