[23] Christelis, D., Georgarakos, D., Jappelli, T. and van Rooij, M. (2019), “Trust in the Central Bank and Inflation Expectations”, International Journal of Central Banking. European Central Bank Directorate General Communications Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany Tel. : +49 69 1344 7455, E-mail: media@ecb.europa.eu Website: www.ecb.europa.eu Reproduction is permitted provided that the source is acknowledged.
Currently, the driver is energy inflation, while the anchor is – or has been – the low level of wage inflation, in line with productivity growth and our inflation target. Increased energy and commodity prices have pushed up euro area consumer price inflation to 7.5%. At present, the rise in energy prices alone explains more than half of the headline inflation figure.