Inflation increases, not temporarily but persistently, even excluding oil and energy products. If this vicious case materialises, the central bank must react very quickly and tighten monetary policy by raising interest rates to counter inflationary pressures.
These increases boosted the net worth of the household sector, which further fueled the growth of consumer spending directly through the traditional "wealth effect" and possibly through the increased availability of relatively inexpensive credit secured by the capital gains on homes.