This share rises to almost 80 per cent if we also take into account the effects of food prices not relating to energy, but which have also been affected by the conflict in Ukraine.
The growth of consumer prices in the euro area is projected to be above 8 per cent on average in 2022; it would then gradually fall to below 6 per cent over the course of next year and converge towards a value close to the ECB's 2 per cent target in the second half of 2024.