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HomeQuarterly report on the euro area. Volume 21, No 1 (2022)
Quarterly report on the euro area. Volume 21, No 1 (2022)
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This section reviews inflation in the euro area over the 2 years that followed the outbreak ofthe COVID-19 pandemic and prior to the military aggression of Russia against Ukraine. In line with manykey economic indicators, inflation has been very volatile, falling to multi-year lows following the outbreakof the pandemic, before increasing to multi-decade highs at an unexpectedly rapid pace. The pandemichas caused various supply and demand shocks – both aggregate and idiosyncratic in nature. Theseshocks hit the global economy with varying intensity – both across time, as the health crisis evolved, andacross sectors, depending on how contact-intensive they are. The shocks, and the substantial policyresponse put in place to cushion their impact, have played a key role in overall and relative pricemovements over the past 2 years. The section assesses and discusses how large swings in commodityprices (particularly energy), disruptions to the supply side of the economy, and compositional shifts indemand towards spending on goods have impacted prices and inflation. It also illustrates the highdegree of uncertainty that remains about the short-term outlook for inflation and how this may affectviews on longer-term inflation.
- Publicado em:
- Autor(es) institucional(ais): Direção-Geral dos Assuntos Económicos e Financeiros (Comissão Europeia)
- Autores pessoais: Salto, Matteo ; Pench, Lucio ; Ruscher, Eric
- Temas: Política económica ― União Económica e Monetária , Finanças comunitárias
- Tema: euro , relatório de atividade , União Económica e Monetária , zona euro
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| ISSN 2443-8014 | ISBN 978-92-76-43941-7 | DOI 10.2765/646445 | Número de catálogo KC-BC-22-009-EN-N |
- Released on EU Publications:
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