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ECB-CONFIDENTIAL
DisinfIationand
thePhiIIipscurve
·31August2023
lsabeISchnabeI,MemberoftheExecutiveBoardoftheECBConferenceon"lnfIation:DriversandDynamics2023"
l
70
60
50
40
30
Jan-21Nov-21Sep-22JuI-23
PM1neworhers
PM1ounpun
PM1consnrucnionounpun
a)Manufacturingb)Services
70
60
50
40
30
Jan-21Nov-21Sep-22JuI-23
SurveyspoinnnoweatereuroareakrownganhedpIoydenn
PMIactivityindicators
(hiffusioninhices)
PM1ounsnanhinkbusiness
Source:S&PGIobaI.
Lanesnobservanion:Aukusn2023.
PMIempIoyment
(hiffusioninhices)
ManufacnurinkServices
70
60
50
40
30
Jan-15Jun-16Nov-17Apr-19Sep-20Feb-22JuI-23
Source:S&PGIobaI.
Lanesnobservanion:Aukusn2023.
2
www.ecb.europa.euo
2
1
0
-1
-2
-3
-4
Fallingheadlineinflationandrisingwagesaresupportingconsumerconfidence
Consumerconfidence
(standardisedpercentagebalance)
Realdisposableincome
(index:Q42019=0,percentagesandpercentagepointcontributions)
Consumerconfidence
201520162017201820192020202120222023
Source:DG-ECFIN.
Notes:Theseriesisstandardisedovertheperiod1985-2019.
Latestobservation:August2023.
3
10
8
6
4
2
0
-2
-4
-6
-8
-10
-12
Termsoftrade
Directtaxes,socialcontributionsandtransfers
OperatingsurplusandpropertyincomeCompensationofemployees
Realdisposableincome
19Q420Q220Q421Q221Q422Q222Q4
Sources:EurostatandECBcalculations.
Notes:Disposableincomeisdeflatedwiththeprivateconsumptiondeflator,whereasits
componentsaredeflatedwiththeGDPdeflator."Termsoftrade"arecalculatedastheratioofGDPtotheprivateconsumptiondeflators.Formoredetails,seeDeSantisandStoevsky(2023).
Latestobservations:Q12023.
www.ecb.europa.euo
Householdsforhousepurchase
Firms
7
6
5
4
3
2
1
0
1999200620132020
Newlendinghasdeclinedsharplyasinterestratesriseandcreditstandardstighten
Lendīnigtntno-īnancīaI-īrmsandhtusehtIds
(6-monthcumulatedflowsinEURbn,seasonallyadjusted)
FlowstoHHs
FlowstoNFCs
350
300
250
200
150
100
50
0
-50
-100
-150
350
300
250
200
150
100
50
0
-50
-100
-150
04201020162022
Jul-21Jul-22Jul-23
20
Sources:ECB(BSI)andECBcalculations.
Notes:Loansareadjustedforsales,securitisationandcashpooling.
Latestobservation:July2023.
4
Ctmptsīgectsgt-btrrtwīni
(percentagesperannum)
7
6
5
4
3
2
1
0
Jun-21Jun-22Jun-23
Sources:ECB(MIR)andECBcalculations.
Notes:Theindicatorforthetotalcostofbankborrowingforfirmsiscalculatedby
aggregatingshort-termandlong-termratesusinga24-monthmovingaverageofnewbusinessvolumes.
Latestobservation:June2023.
www.ecb.europa.euo
2021Q2
2021Q3
2021Q4
2022Q1
2022Q2
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2021Q2
2021Q3
2021Q4
2022Q1
2022Q2
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2021Q2
2021Q3
2021Q4
2022Q1
2022Q2
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
Higherinterestratesareakeyfactorcausingthedeclineinloandemand
DemandforIoanstofirms,househoIdsforhousepurchase
andconsumercredit
(netpercentagesofbanks)
InventoriesandworkingcapitalFixedinvestment
Useofalternativefinance
Otherfinancingneeds
Generallevelofinterestrates
Consumerconfidence
Housingmarketprospects
Demand-actual
Demand-expected
Consumptionexp.(realestate)
Spendingondurablegoods
60
40
20
0
-20
-40
-60
-80
-100
Firms
80
40
0
-40
-80
-120
-160
-200
Mortgages
40
20
0
-20
-40
-60
-80
-100
-120
Consumercredit
Source:ECB(July2023BankLendingSurvey).
Notes:Thenetpercentagereferstothedifferencebetweenthesumofthepercentagesfor"increasedconsiderably"and"increased
somewhat"andthesumofthepercentagesfor"decreasedsomewhat"and"decreasedconsiderably".
Latestobservation:2023Q2.
5
www.ecb.europa.euo
Energyshockthreatenstoleavepermanentscarsintheeuroarea
Competitivepositionindomesticmarket
(percentagebalance)
Industrialproduction:manufacturingsector
(index:December2019=100)
ManufacturingChemicals
15
10
5
0
.5
.10
.15
19952002200920162023
Source:DG.ECFIN.
Latestobservation:Q32023.
6
TotalHensiveLensive
120
110
100
90
80
70
60
20192020202120222023
Sources:Eurostat,TradeDataMonitorandECBstaffcalculations.
Notes:Dataareseasonally.adjusted.Industrialproductionindicesforindividualsectorsareaggregatedwithvalue.addedweights.Low(high)ensitysectorsaredefinedas
thosewithanenergyintensitylower(higher)thanthatofthemediansector.Formore
details,seeChiacchio,DeSantis,GunnellaandLebastard(2023).
Latestobservation:June2023.
www.ecb.europa.euo
22Q3-23Q2
23Q3-24Q2
22Q3-23Q2
23Q3-24Q2
Loandemand,allfirms
80
60
40
20
0
-20
Creditstandards,allfirms
80
60
40
20
0
-20
-40
Structuralfactorsmayhelpexplainresilienceofinvestmentinnewmachinerysofar
Constructionandmachineryinvestment
(y-o-ypercentagechange)
ConstructioninvestmentMachineryinvestment
9
8
7
6
5
4
3
2
1
0
-1
21Q321Q422Q122Q222Q322Q423Q1
Source:Eurostat.
Latestobservations:Q12023.
7
Impactofclimatechangeon
creditstandardsandloandemand
(netpercentageofbanks;overthepastandnexttwelvemonths)
Climate-related
Loanstofossil-fuelintensivefirms
fiscalsupport
Loanstogreenfirms
Issuanceofgreen
Loanstofirmsintransition
corporatebondsFixedinv.and
corp.restructuringLoandemand
125
100
75
50
25
0
22Q3-23Q2
23Q3-24Q2
Source:ECB(July2023BankLendingSurvey).
Notes:"Greenfirms":firmsthatdonotcontribute,orcontributelittle,toclimatechange;"Firmsin
transition":firmsthatcontributetoclimatechangebutaremakingrelevantprogressinthetransition;
"Fossil-fuelintensivefirms":firmsthatcontributestronglytoclimatechange,andhavenotyet
started,orhavesofarmadeonlylittleprogress,inthetransition.Netpercentagesaredefinedas
thedifferencebetweenthepercentagesofbanksreporting"contributedconsiderably/somewhattotightening"andthepercentagesofbanksreporting"contributedsomewhat/considerablytoeasing".Latestobservation:2023Q2.www.ecb.europa.euo
Underlyinginflationmeasurespointindifferentdirectionsandremaintoohigh
UnderIyinginfIationmeasures
(annualpercentagechanges)
Domestic
H1CPX
Underlyinginflation
8
6
4
2
0
8
6
4
2
0
Measurescleanedfrom
shockslinkedtoenergyand
supply-sidebottlenecks
Oct-22Jan-23Apr-23Jul-23
Oct-22Jan-23Apr-23Jul-23
Sources:Eurostat,ECBcalculations.
Notes:AdjustmentsbasedonBahbura,M.,Bobeica,E.andMartinezHernandez,C.,"Whatdrivescoreinflation?Theroleofsupplyshocks"(forthcoming)usingalargeBVARmodelaccountingformanydriversofinflation
(17variables),identifiedwithzeroandsignrestrictionsandestimatedfromJanuary1995toJune2023.
Latestobservation:July2023.
8
InfIationmomentumfor
HICPX,goodsandservices
(annualpercentagechanges,annualized3m-on-3mpercentagechanges)
Momentum
H1CPX
8
6
4
2
0
Jan-22Jul-22Jan-23Jul-2
Momentum
NE1G
8
6
4
2
0
8
4
2
Momentum
Services
6
0
Jan-22Jul-22Jan-23Jul-23
Jan-22Jul-22Jan-23Jul-23
Sources:Eurostat,ECBcalculations.
Notes:Momentumisdefinedasannualised3months-on-3monthsratesofseasonallyadjusteddata.H1CPX,NE1G
andservicesarenon-seasonallyadjusted.
Latestobservation:July2023.
www.ecb.europa.euo
Firmschangetheirpricesmorefrequentlywhenfacedwithlargecost-pushshocks
Frequencyofpriceadjustmentin1taIy
(shareofitemswithapricechangecomparedtopreviousmonth)
1ncreasesDecreases
0.10
0.08
0.06
0.04
0.02
0.00
201720182019202020212022Dec-22
Sources:1statandBancad'1taliastaffcalculations.
Notes:Statisticscomputedexcludingtemporarysales.
Latestobservation:December2022.
9
Evidenceofstatedependence:
repricingprobabiIityasfunctionofpricegap
(%)
Euroarea
UnitedStates
50
40
30
20
10
0
50
40
30
20
10
0
-50-40-30-20-1001020304050
Pricegap
Source:Karadi,P.,J.Amann,J.S.Bachiller,P.SeilerandJ.Wursten(forthcoming),"PricesettingonthetwosidesoftheAtlantic-Evidencefromsupermarketscannerdata",JournalofMonetaryEconomics.
Notes:ThefigureshowstheprobabilityofapricechangeasafunctionofmispricingintheeuroareaandtheUnitedStates.TheV-shapeofthecurveisconsistentwithstate-dependentpricesetting:theprobabilityofadjustmentsteadilyincreaseswiththeextentofmispricing.Theextentofmispricingisproxiedasadistancefromtheaveragepriceofthesameproductamongthosecompetitorsthatresettheirpricesinthesamemonth.Themeasurealsocontrolsforthepersistentheterogeneityamongproductsandstoresbyeliminatingtheimpactofproduct-store
www.ecb.europa.euo
fixedeffects.Additionaldetailsonthemethodologyareavailableinthepaper.
70
50
40
10
20222023
20222023
Fewfirmsintendtocutpricesalthoughinputcostsarefallingrapidly
Sellingpriceexpectations
(shareoffirmsexpectinglower/highersellingprices)
LowerHigher
70
60
50
40
30
20
10
0
2023
2022
ManufacturingRetailServices
Sources:EuropeanCommission(includingEurostat).
Notes:Dataarenon-seasonallyadjusted.
Latestobservation:August2023.
Producerandimportpriceinflation
(annualpercentagechanges)
PP11mportprices
50
40
30
20
10
0
-10
-20
Jan-20Jan-21Jan-22Jan-23
Sources:Eurostat.
Notes:PP1andimportpricesrefertototalindustryexcludingconstruction.
Latestobservation:June2023.
10
www.ecb.europa.eu◎
AsteeperPhillipscurveraiseshopesofa"softlanding"
LabourasfactorIimitingproduction
(%)
PhiIIipscurve
(y-axis:HICPXannualrateofchange;
x-axis:vacancytounemploymentratio)
IndustryServices
40
35
30
25
20
l5
l0
5
0
85Ql90Ql95Ql00Ql05Qll0Qll5Ql20Ql23Q2
6
5
4
3
2
l
0
2
023Q2
2
006Ql
00.l0.20.30.4
Source:EuropeanCommission.
Latestobservation:2023Q2.
ll
Sources:HaverAnalytics,Eurostat,Indeed,andECBStaffcalculations.
Notes:The2023Q2vacancytounemploymentratioisbasedonIndeed
vacancies.
Latestobservation:2023Q2.
www.ecb.europa.eu◎
lnflationrisSprekiaarerisinmdespiteelevatedexpectationsofrecession
Market-basedinfIationcompensationandrecessionprobabiIityintheeuroarea
lyin2yforwardlLS(%p.a.)
3.0
2.5
2.0
l.5
l.0
0.5
0.0
2
20l3-2022
2023
Trend20l3-202
Trend2023
020406080l00
Recessionprobability(%)
Sources:DeutscheBundesbanS,FenicsMarSetDataandGerkanCouncilofEconokicExperts.
Notes:Estikatedrecessionprobabilitybasedonthel0-yearand3-konthBundterk
spread,adjustedfortheikpactoftheEurosystek,sassetpurchasesonthel0-yearyield.
l2
ModeI-baseddecompositionofeuroarea
infIation-Iinkedswaprates
2.8
2.5
2.2
l.9
l.6
l.3
l.0
(percentames)
ly2yrisSprekiacokponent(rhs)—ly2yexpectationcokponent
ly2yfitted
l.5
l.2
0.9
0.6
0.3
0.0
-0.3
Jan-22Jul-22Jan-23Jul-23
Sources:RefinitivandECBcalculations.
Notes:Prekia-adjustedforwardlLSratesareaverameestikatesfroktwoaffineterkstructurekodelsasinJoslin,SinmletonandZhu(20ll)appliedtolLSratesnon-adjustedfortheindexationlam;seeBurbanetal.(2022),ECBEconokicBulletinlssue8,202l,Box4.lnflationcokpensationratesrefertoalinearinterpolationbetweenfixinmsandl-yearforward.Latestobservation:29Aumust2023.
www.ecb.europa.euo
32l0-l-2-3-4-5
32 l0-l-2-3-4
-5
SofartheriseinreaIratesmainIyremovedpoIicyaccommodationaccordingtomarkets
Market-basedestimateofmonetarypoIicystance
(percentages)
2020202l20222023
lyreaIOIS(R)
R-R*
ly9yreaIOIS(R*)
05200820ll20l420l720202023
20
Sources:BIoombergandECBcaIcuIations.
Notes:"R"ismeasuredbythereaIl-yearOISrateandR*ismeasuredbythereaIly9yOISrate.TermpremiahavebeenremovedfrombothRandR*toshow"genuine"reaIrates.
Latestobservation:August2023(monthIydata).
l3
www.ecb.europa.euo
Uncertaintyaboutinflationoutlookremainsexceptionallyhigh
SurveyofProfessionalForecasters:
uncertaintyaroundtwo-yearaheadinflationexpectations
(percentagepoints)
Disagreement
Individualuncertainty
Aggregateuncertainty
Historicalaverageofdisagreement
Historicalaverageofindividualuncertainty
Historicalaverageofaggregateuncertainty
l.4l.2l.00.80.60.40.20.0
l.4
l.2
l.0
0.8
0.6
0.4
0.2
0.0
Jan-2lJan-22Jan-23
0l2004200720l020l320l620l92022
20
Sources:SPFandECBcalculations.
Notes:Aggregateuncertaintyismeasuredbythestandarddeviationoftheaggregateprobabilitydistribution,whichisafunctionofdisagreement(measuredbythestandarddeviationoftheindividualforecasts)andaverageindividualuncertainty(measuredbytheaverageofthestandarddeviationsoftheindividualprobabilitydistributions).Dashedlinesrepresenthistoricalaverages,calculatedoverthesamplefroml999Ql-2023Q3.
Latestobservation:Q32023SPF.
l4
www.ecb.europa.euo
l7.0l6.8l6.6l6.4l6.2l6.0l5.8l5.6l5.4
l5.2
CIimatecrisisismoreurgentthanever,posingupsideriskstoinfIation
GIobaIsurfaceairtemperature
(in。C)
SeIectedfoodcommodityprices
(index:20l8=l00)
l940l960l98020002020
Sources:ERA5,ECMWF,CopernicusProgramme.
Notes:AnomaIiesarecaIcuIatedreIativetoJuIyaverageduringl99l-2020referenceperiod(l6.23。C).ShadesofbIueshowbeIow-averageyears,shadesofredshowabove-averageyears.Latestobservation:JuIy2023(monthIy).
l5
RiceOIiveoiI
300
250
200
l50
l00
50
0
20l820l92020202l20222023
Sources:HWWI,HaverandECBcaIcuIations.
Notes:RicepricesarebasedonWhiteThaiLongGrain,l00%Broken(fob)andoIiveoiIisbasedonOIiveOiI,ItaIy(CIF):
Latestobservation:25August2023(weekIy).
www.ecb.europa.euo
ProfessionaIforecastersseeriskstomedium-terminfIationtiItedtotheupside
SurveyofProfessionalForecasters:
balanceofriskindicatorfortwo-yearaheadinflationexpectations
(percentagepoints)
BaIanceofriskindicator
0.l50.l20.090.060.030.00-0.03-0.06-0.09-0.l2
-0.l5
0.l5
0.l2
0.09
0.06
0.03
0.00
-0.03
-0.06
-0.09
-0.l2
-0.l5
0l2004200720l020l320l620l92022
Jan-2lJan-22Jan-23
20
Sources:SPFandECBcaIcuIations.
Notes:ThebaIanceofriskindicatoriscaIcuIatedastheestimatedmeanoftheaggregatedistributionminustheaveragereportedpointe
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