The Eurotower in Frankfurt, Germany. Picture: MAX KRAUS/BLOOMBERG
The number is likely to intensifying talk that structural forces, not just transient factors, may be behind a surge. Still, getting through this period is more a communications exercise for the ECB. The central bank has already made clear that this is not the sort of inflation it is looking for after nearly a decade of undershooting its target, so policy will remain loose for years to come.
Higher oil prices also mask weak underlying trends and inflation for services and durable goods, more meaningful measures for central bankers, remains weak, rate setters argue.
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