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What were the drivers of euro area food price inflation over the last two years?
Food price inflation was one of the main contributors to the strong rise in euro area headline inflation in 2022 and, once food inflation started to decline, also to the disinflation thereafter. Food inflation increased to a historical peak of around 15% in March 2023, surpassed only by the earlier surge in energy inflation (Chart A). Since then, food inflation has declined, falling to 5.7% in January 2024, but is still above its pre-pandemic long-term average of 2.1%.[ 1 ] Food accounts for around 20% of expenditure in the overall Harmonised Index of Consumer Prices (HICP) basket and largely represents consumption ... (full story)
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- From snb.ch|Mar 21, 2024|9 comments
The Swiss National Bank is lowering the SNB policy rate by 0.25 percentage points to 1.5%. The change applies from tomorrow, 22 March 2024. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold, and at 1.0% above this threshold. The SNB also remains willing to be active in the foreign exchange market as necessary. The easing of monetary policy has been made possible because the fight against inflation over the past two and a half years has been effective. For some months now, inflation has been back below 2% and thus in the range the SNB equates with price stability. According to the new forecast, inflation is also likely to remain in this range over the next few years. With its decision, the SNB is taking into account the reduced inflationary pressure as well as the appreciation of the Swiss franc in real terms over the past year. The policy rate cut also supports economic activity. Today’s easing thus ensures that monetary conditions remain appropriate. The SNB will continue to monitor the development of inflation closely, and will adjust its monetary policy again if necessary to ensure inflation remains within the range consistent with price stability over the medium term. Inflation has declined further since the beginning of the year, and stood at 1.2% in February. This decrease was attributable to lower goods inflation. Inflation is currently being driven above all by higher prices for domestic services. The new conditional inflation forecast is significantly lower than that of December. In the short term, this is above all due to the fact that price momentum in the case of some categories of goods has slow post:
SNB SEES 2024 INFLATION AT 1.4%, 2025 AT 1.2% AND 2026 AT 1.1%. post:
SNB: MOMENTUM IN THE MORTGAGE AND REAL ESTATE MARKETS HAS WEAKENED NOTICEABLY IN RECENT QUARTERS. HOWEVER, THE VULNERABILITIES IN THESE MARKETS REMAIN. post:
SNB: THE WEAK DEMAND FROM ABROAD AND THE APPRECIATION OF THE SWISS FRANC IN REAL TERMS OVER THE PAST YEAR ARE HAVING A DAMPENING EFFECT. post:
SNB: WE ARE WILLING TO BE ACTIVE IN FOREIGN EXCHANGE.
- From pmi.spglobal.com|Mar 21, 2024|6 comments
The downturn in the German economy eased slightly in March as business activity in the country’s service sector came close to stabilising, the latest HCOB ‘flash’ PMI® survey ...
- From pmi.spglobal.com|Mar 21, 2024|2 comments
France’s private sector economy remained in contraction territory at the end of the first quarter, according to the latest HCOB Flash PMI survey. Although the decline in business ...
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- From pmi.spglobal.com|Mar 21, 2024
Business activity in the euro area came close to stabilising in March, as provisional PMI® survey data registered only a marginal decline in output of goods and services. A modest ...
- From @financialjuice|Mar 21, 2024
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SNB'S JORDAN: WILL ADJUST MONETARY POLICY AGAIN IF NECESSARY.Introductory remarks, news conference Ladies and gentlemen As Chairman of the Governing Board, it is my pleasure to welcome you to the news conference of the Swiss National Bank. I would also like to welcome all those who are joining us today online. I extend a special welcome to Antoine Martin. This is his first press conference as a Member of the Governing Board. After our introductory remarks, we will take questions from journalists as usual. Questions can also be asked by telephone. Monetary policy decision I will begin with our monetary policy decision. We have decided to lower the SNB policy rate by 0.25 percentage points to 1.5%. The change applies from tomorrow, 22 March 2024. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold, and at 1.0% above this threshold. We also remain willing to be active in the foreign exchange market as necessary. The easing of our monetary policy has been made possible because the fight against inflation over the past two and a half years has been effective. For some months now, inflation has been back below 2% and thus in the range we equate with price stability. According to our new forecast, inflation is also likely to remain in this range over the next few years. With our decision, we are taking into account the reduced inflationary pressure as well as the appreciation of the Swiss franc in real terms over the past year. The policy rate cut also supports economic activity. Today’s easing thus ensures that monetary conditions remain appropriate. We will continue to monitor the development of inflation closely. We will adjust our monetary policy again if necessary to ensure inflation remains within the range consistent with price stability ov
- From pmi.spglobal.com|Mar 21, 2024
March data pointed to another solid upturn in output levels across the UK private sector, with the rate of expansion only fractionally slower than February’s nine-month high. This ...
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- Posted: Mar 21, 2024 4:57am
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