And by dragging down the trade balance and weighing on the economic outlook, they are contributing to the depreciation of the euro, further reinforcing inflationary pressures (Chart 3). Chart 1 Contributions of components of euro area headline HICP inflation (annual percentage changes and percentage points contributions)  Sources: Eurostat and ECB calculations. Notes: NEIG stands for “non-energy industrial goods”.
The latest observation is for October 2022. Chart 2 Contributions of energy-sensitive components to goods and services inflation in the euro area (annual percentage changes and percentage point contributions)  Sources: Eurostat and ECB staff calculations.