An Overview of Inflation Developments
David Byrne and
Zivile Zekaite ()
No 7/EL/21, Economic Letters from Central Bank of Ireland
Inflation rates have risen substantially in many countries over the course of this year. This has led to renewed interest in understanding the inflation process and in the outlook for inflation over the coming years. In the euro area and Ireland, inflation had been persistently low and below the ECB’s target for much of the time since the Global Financial Crisis. This Letter outlines the developments in inflation since the COVID-19 pandemic and explains the drivers of the current high inflation rates. This Letter then discusses the ongoing debate on the inflation outlook and potential monetary policy options.
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