With a vengeance. Last October HICP inflation reached 10.7 percent, with some heterogeneity among euro area countries. Here in the Netherlands we are experiencing a 16.8 annual percentage change in the overall level of prices. Like in the 1970s, the current high inflation is rooted in energy price shocks, this time as a result of the war in Ukraine.
We could then reasonably expect to see consumption record more growth than it has in the past few years. After all, it is very unusual for real consumption per person not to grow. We cannot really know, of course, when that might happen. Doubtless it will depend on what else is occurring.