In the left-hand chart, the figures for CPI inflation are for all items less fresh food, excluding the effects of the consumption tax hikes, etc. The figure for 2022 is the January-November average.
Over the last few quarters, the outlook for the euro area economy has improved and the economy has shown signs of increased resilience. The recent enlargement of the European Union is already helping to boost trade and support growth both in the euro area and in the new EU Member States. The ongoing recovery has strengthened and broadened and is expected to remain sustained.