On the one hand, this continues to lower the purchasing power of wages and the real value of accumulated household savings and, on the other hand, to call for a tighter stance for monetary policies.
European countries meeting the natural gas storage targets, the milder weather and the fall in demand have all supported a broad reversal of the increases in energy commodity prices in recent months. The economies of Italy and the euro area are also decelerating, in the wake of results that were generally better than expected throughout 2022.