Supply shocks driving eurozone inflation, ECB study finds

Rising food and energy costs are main contributors, along with hangover effects from pandemic

Euro inflation

Supply-side shocks have been the main contributor to eurozone inflation since the pandemic, research from the European Central Bank (ECB) finds.

Authors Óscar Arce, Matteo Ciccarelli, Antoine Kornprobst and Carlos Montes-Galdón identify the main drivers of price and wage dynamics since 2021 in their study. They also make projections about eurozone inflation over the medium term.

Since 2021, inflation has mostly been driven by rising food and energy prices, they say. This is partly because Europe

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