Given the importance of the evolution of prices to the outlook for monetary policy and hence, the overall macro picture, in today's newsletter we focus on the recent performance of one of the EU countries where disinflation is most visible, namely Spain.
The recent relaxation in energy prices and improved outlook for food prices holds the promise of a deflationary process in Spain. That said, given the inherent volatility of these markets, coupled with still persistent core inflation dynamics, we are unlikely to see a rapid
convergence to price stability targets and thus do not expect a return of expansionary monetary policy any time soon.
There are some good news in this front. Inflation in the eurozone has fallen to its lowest level since Russia invaded Ukraine
El objetivo de este artículo es analizar las condiciones para que el contra-shock de precios energéticos se repercuta plenamente al resto de precios, para así desembocar en un proceso sostenido de desinflación.