But price pressures were already on the rise before hostilities broke out: the inflation rate has been above 4% for a year now. Inflation has not been confined to energy and food prices for some time now. Stripping out these two components, core  1/5  BIS - Central bankers' speeches  inflation stood at 4.8% in September.
In other words, price pressures are now broadbased. There is also some evidence to suggest that inflation in the euro area will remain high for the time being, with the latest ECB staff macroeconomic projection putting it at 5.5% next year.