Judging from a few months of data, which is always risky, consumers may also be experiencing a slightly faster rate of increase in prices, even excluding the effects of rising energy prices. The direct contribution of rising commodity, energy, and other import prices to consumer inflation is likely to lessen considerably, however.
Real estate markets The third systemic risk that I want to mention is the strong increase in both residential housing prices and commercial real estate in recent years. Real estate markets have traditionally been an important factor in the development or amplification of financial crises. Several jurisdictions show increased signals of overvaluation in significant segments of the market. 2  II.