完全不用担心欧元区的高通胀-荷兰国际集团
9月份通货膨胀率上升至2.2%主要是由于能源的影响,这种影响将在未来几个月消退。略微低于通胀目标实际上在今年年初似乎是现实的。预计欧洲央行目前将保持利率稳定。

9月份通货膨胀率上升至2.2%主要是由于能源的影响,这种影响将在未来几个月消退。略微低于通胀目标实际上在今年年初似乎是现实的。预计欧洲央行目前将保持利率稳定。

不,欧元区的通胀情况目前没有太大变化。9月份,能源通胀从-2%上升至-0.4%,这主要是受能源基础效应的影响。这可能会在未来几个月再次消退,这意味着这种轻微的通胀爆发在很大程度上可以被忽略。

事实上,我们预计未来几个月通胀率将略低于欧洲央行2%的目标。能源价格再次下跌,欧元走强也进一步降低了目前的进口价格。此外,预计未来几个季度工资增长将进一步放缓。后者可能会在2026年缓解通胀压力,但目前还不会对核心通胀产生重大影响。

未来几个月的核心通胀前景仍然非常稳定。制造业和服务业的销售价格预期没有出现大幅波动。9月份,核心通胀率稳定在2.3%,预计未来几个季度这一指标将缓慢下降似乎是合理的。所有这些都使欧洲央行在本月晚些时候决定利率变得容易:随它走,保持观望。

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