[5] This in turn led to the shocks feeding into inflation much more quickly and forcefully than in the past. This first phase is however now starting to wane. Largely thanks to lower energy prices, year-on-year producer price inflation has already dropped by 42 percentage points from its peak last summer.
Joyce, Michael, Ana Lasaosa, Ibrahim Stevens, and Matthew Tong (2010). “The Financial Market Impact of Quantitative Easing,” Working Paper 393. London: Bank of England, July (revised August). BIS Review 156/2010  3