There can be no doubt that the increasing cost of raw materials (with crude oil heading the list) has led to increasing uncertainty over economic prospects and that it continues to loom as a risk of far from secondary importance, as indeed do imbalances at the global level.
Furthermore, consumers are taking their time to rediscover the path of confidence, doubtless on account of a still difficult situation in the labour market, of difficulties and delays in the implementation of basic reforms, and of a feeling of insecurity due to insufficient budget consolidation.