ECB bulletin: Too early to tell if inflation has turned a corner
Despite eurozone HICP inflation starting to move up, the outlook is complicated, according to an early-released article from the European Central Bank's forthcoming economic bulletin, published today (July 27).
HICPX, which excludes the impact of food and energy prices, has risen from all-time lows in March and April to 0.8%. The article notes oil price movements can still "blur the signal" for this core indicator via indirect effect, which may take as long as two years after an oil price shock
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