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Luigi Ferrara

8 August 2019
Economic Bulletin Issue 5, 2019
Services price inflation tends to be much higher than non-energy goods price inflation. However, the gap between the two has become smaller since the financial crisis. This phenomenon has coincided with the corresponding decline in the gap between unit labour cost growth in the services sector and manufacturing, driven by the decline in unit labour cost growth in the services sector. Overall, the narrowing of the gap between services price inflation and goods price inflation has been a major feature of lower HICP inflation excluding food and energy. However, this measure of underlying inflation would have declined even more had the weight of the services component not changed.
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
C43 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→Index Numbers and Aggregation
O47 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity→Measurement of Economic Growth, Aggregate Productivity, Cross-Country Output Convergence