ECB’s Lane: Food inflation will reverse later this year

  • Lower energy prices will feed through to core prices, but the timing is uncertain
  • Some upside risks to wage growth
  • Correcting real wage growth should be a gradual process

Two years ago, they were certain that inflation was only “transitional”. In 2022, they were certain that inflation will have peaked in the second half of the year. And then, here we are now. I think that says it all.


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