Post-Covid Inflation in Emerging Europe

Gürkaynak, Refet

No 19822, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: With the notable exception of Turkey, the post-Covid inflationary episode in Emerging Europe followed the same contours as in advanced economies and was primarily due to external shocks, especially in energy prices. The Turkish case was due to misguided monetary policy that led to inflation that is an order of magnitude higher and more persistent. Emerging European countries’ post-Covid inflation surges depended on their exposure to energy prices based on the weight of energy in the consumption basket and the energy intensity of production, as well as the share of imported energy used in the country. In these regards, Emerging European countries were no different from euro area countries.

Date: 2025-01
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