Looking at the output prices DI of industries related to consumption, which has close relations with the CPI, since around 2017, the proportion of enterprises answering that the output prices have risen has exceeded the proportion of those answering that such prices have fallen, and the gap has expanded gradually.
The ECB's monetary policy strategy has offered a robust guide for taking policy decisions in an environment which was – and continues to be – characterised by a high level of uncertainty. I shall now be happy to answer your questions. BIS Review 34/2001  3