265, September and Ehrmann, M., Ferrucci, G., Lenza, M. and D. O’Brien (2018), Measures of underlying inflation for the euro area, ECB Economic Bulletin issue 4, 2018. 15. For a more detailed discussion see Lane, P.R. (2022), "Bottlenecks and monetary policy" ECB Blog, 10 February. 16.
The analysis of pipeline pressures for the food category also suggests a considerable easing in food inflation over the course of this year. The methodology of the IPPI is laid out in Koester, G., Rubene, I., Gonçalves, E. and J. Nordeman (2021), "Recent developments in pipeline pressures for non-energy industrial goods inflation in the euro area," Economic Bulletin Box, European Central Bank, vol. 5.