It draws in the first instance on data from the MFI balance sheet but also encompasses a wide variety of other, complementary sources, notably financial statistics such as MFI interest rates, securities issuance data, the Eurosystem bank lending survey, and others.
An important factor of lower inflation will be the expected subsiding of cost-push pressures on account of the prices of oil, gas, electricity and primary agricultural commodities, according to futures, as well as the drop-out of last year’s hikes in petroleum product prices from y-o-y calculations.