Moreover, labour market reforms fostering employment and investment and promoting skills, innovation and efficiency remain essential to support growth and real incomes in the longer term. We are now at your disposal for questions. BIS Review 119/2008  3
This confirms the more persistent current upward pressures on euro area inflation, resulting largely from sharp increases in energy and food prices at the global level in recent months. Looking ahead, on the basis of current futures prices for these commodities, the annual HICP inflation rate is likely to remain above 3% for some time to come, before moderating only gradually in 2009.