But these data do imply that, on average, profits have recently been a key contributor to total domestic inflation, above their historical contribution (Slide 9, left-hand chart).5 To put it more provocatively, many euro area firms, though by no means all, have gained from the recent surge in inflation.
The fortunes of businesses and households have diverged outside of the euro area, too, with corporate profits in many advanced economies surging over the past few quarters.