In fact, energy inflation peaked in 2022 and should be around zero or even negative this year. But factors contributing to inflation are changing – food and non-energy industrial goods inflation will likely only reach its peak in 2023, sustaining the pressure on core inflation, which edged up to 5.7% in March (flash estimate).
1/3  BIS - Central bankers' speeches  We have to pay particular attention to factors that could pose upside risks to inflation. The first of these is rising wage growth, which has a significant impact on the price of services. There are no clear signs of a self-sustaining wage-price spiral, but these risks need to be monitored.