Autore
Neri, Stefano

Titolo
“There has been an awakening”. The rise (and fall) of inflation in the euro area
Periodico
Ministero dell'Economia e delle Finanze. Dipartimento del Tesoro. Working paper
Anno: 2024 - Fascicolo: 1 - Pagina iniziale: 1 - Pagina finale: 34

In the summer of 2021, inflation woke up after many years. The period of low inflation in the euro area ended abruptly with the recovery from the Covid-19 pandemic and the energy crisis. Supply bottlenecks and energy prices played an important role in pushing up core inflation. Despite the rise in consumer prices, the ECB's monetary policy response helped to re-anchor long-term inflation expectations around the new symmetric 2 per cent target. With expectations well anchored, the risks of second-round effects limited and the downside risks to growth heightened, it is time to take stock of the effects of monetary policy so far and those still to come, and wait for the effects of past shocks on inflation to fade.



SICI: 1972-411X(2024)1<1:“HBAAT>2.0.ZU;2-C
Testo completo: https://www.dt.mef.gov.it/export/sites/sitodt/modules/documenti_it/analisi_progammazione/working_papers/WP-1-February-2024.pdf

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