Report
What would euro-zone inflation be if import prices rose by 2% a year?
We seek to determine what headline inflation would have been if import prices had risen by 2% (the ECB's inflation target) in 2023 instead of falling by 4.5% year-on-year. We estimate that headline inflation would have been 4% per year and not 2.6% per year, which is consistent with the rise in unit labour costs and the fall in corporate profit margins.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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