On the cost side, lower prices for commodities and intermediate goods due to the euro’s appreciation will ease the burden on enterprises. This is becoming particularly marked in the case of crude oil prices; these are currently at a very high level in US dollars but in euro are much lower than a year ago.
With global economic growth slowing, it is unlikely that the higher prices of food and energy will spill over into prices and costs more generally, but this  BIS Review 38/2008  1  risk is something central banks are watching closely. In other words, central banks are focused on keeping inflation expectations well anchored.