Notes: The term “energy-sensitive component” reflects items with a share of energy in direct costs above the average share of energy across services items (left-hand panel) and non-energy industrial goods (NEIG) items (right-hand panel). The latest observations are for September 2022.
Chart 3 Drivers of the euro-US dollar exchange rate (cumulative changes since January 2022, percentage changes and percentage point contributions)  Sources: ECB and ECB calculations. Notes: A decrease denotes a euro depreciation against the US dollar.