(1) For each group, weighted average calculated using PPP shares of world GDP; (2) Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia; (3) China, Hong Kong, India, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand. 8  BIS central bankers’ speeches  Fig.
In this context, labour productivity growth will be lower and rising unit labour costs are likely to put upward pressure on inflation. This assessment of price pressures is also confirmed by real-time indicators of underlying inflation. Exclusion measures and indicators that capture the persistent effects of energy are showing signs of softening.