Chart 12 Interest rates on new dinar and euro-indexed loans to  corporates and households*  Chart 13 Lending activity and GDP (y-o-y rates, in %)  (weighted average values, p.a., in %)  20 24  12  20  10  6  15  4  10 2  5  16 8  0  12 6  0  -5  -2  8 4  0  Dinar household loans (lhs) Dinar corporate loans (lhs) Euro-indexed household loans** (rhs) Euroindexed corporate loans** (rhs)  1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 2011 2012 2013 2014 2015 2016 2017 2018 Source: NBS.
First, even if inflation is at a moderate level that does not hurt overall growth, the consequences of inflation are not evenly distributed. While higher inflation might help a rich, highly indebted, industrialist because his debt comes down relative to sales revenues, it hurts the poor daily wage worker, whose wage is not indexed to inflation.3 Second, higher inflation is more variable.