This could imply that the recent decline in energy prices could also be reflected much more quickly than usual in core inflation in the euro area. Chart 3 Correlation of HICP energy inflation and HICPX inflation (including leads/lags)  Sources: Eurostat and ECB staff calculations.
Nobody quite foresaw that we would get a global crisis, the socio-economic dislocations arising from which would not have yet fully abated nearly five years since it began. Closer to home, the example we can cite is market behaviour reflected in the magnitude and speed of capital flows into the country.