The latest observations are for February 2023 (flash) for services and January 2023 for the rest. Chart 10 provides a further perspective on the role of energy costs in determining core inflation by allocating the 211 items in the HICPX into energy-intensive and non-energy-intensive groups.
Before the start of the energy surge in 2021 there was no link observed between the energy intensity (measured as the direct share of energy in input costs based on input-output tables) and the cumulative increase in inflation since December 2019.