Pablo Hernández de Cos: Inflation


I ought to like, first, to specific my gratitude for the invitation to take part as soon as once more on this occasion, attended annually by the senior managers of the principle monetary establishments in Spain.

On this event, I wish to take the chance of this closing session to handle the query of current inflation developments. This can be a topic that has, over the course of the yr, attracted growing consideration from these of us having some accountability for financial coverage, the media and likewise most people, not solely in Spain, but additionally worldwide. This could come as no shock, once we contemplate that the harmonised index of shopper costs within the euro space had not reached October’s degree of 4.1% year-on-year since 2008, whereas in Spain the 5.4% charge recorded was the very best since September 1992. Globally, the rise has been most placing in the US, the place the 6.2% charge recorded quantities to the most important improve in shopper costs since December 1990.

Accordingly, the curiosity in evaluation of the extent and traits of this rise in inflation is absolutely justified. We’re all effectively conscious of the undesirable penalties of persistently excessive inflation, such because the distortion of useful resource allocation within the economic system and the consequences on the earnings and wealth of various teams of brokers.


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