21 Likewise, aggregate data shows a dampening impact on euro area consumer price inflation of 0.05-0.2 percentage point per year on average.
22 The outlook: upside risks to inflation related to globalisation Overall, while the empirical evidence would lend support to the idea of a favorable relative price shock associated with globalisation, there have been recently signals that the disinflationary impact of low-cost countries on euro area import prices might be coming to an end due to increasing inflationary pressures in those countries.