Metals and a few other bulk commodities, whose prices have been volatile in the recent period, have a weight of 10.7 per cent in WPI, but are not directly included in the CPIs. Services, whose prices have been on the rise, have weights in the range of 12–25 per cent in the CPIs but are not reflected in the WPI.
Chart 3 Total value of banknote circulation in 2020 compared with the previous five (non-crisis) years (2015-19) (index, January=1)  Source: ECB. One possible explanation for this apparent paradox – increasing demand for banknotes while cash payments decline – is that during the crisis people turned to cash as a tool to manage uncertainty.