As mentioned at our last meeting, some uncertainty about short-term growth dynamics stems from oil price developments, as is reflected in survey or confidence data. While these indicators have weakened somewhat in recent months, overall they remain at high levels and underlying forces for continued robust growth remain favourable. This is also reflected in little changed bond market developments.
As foreseen at the time of the Governing Council meeting two weeks ago, energy price developments have had a strong impact on inflation rates; in September the HICP rate of inflation rose further to 2.8%, compared with 2.3% in August and 2.4% in July.