Economic Bulletin

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      <subfield code="a">(Issue 4 / 2022)</subfield>
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      <subfield code="a">In May inflation again rose significantly, mainly because of surging energy and food prices, including due to the impact of the war in Ukraine. But inflation pressures have broadened and intensified, with prices for many goods and services increasing strongly. Eurosystem staff have revised their baseline inflation projections up significantly. These projections indicate that inflation will remain ndesirably elevated for some time. However, moderating energy costs, the easing of supply disruptions related to the pandemic and the normalisation of monetary policy are expected to lead to a decline in inflation. The June 2022 Eurosystem staff macroeconomic projections for the euro area foresee annual inflation at 6.8% in 2022, before it is projected to decline to 3.5% in 2023 and 2.1% in 2024  higher than in the March projections. This means that headline inflation at the end of the projection horizon is projected to be slightly above the ECB's target. Inflation excluding energy and food is projected to average 3.3% in 2022, 2.8% in 2023 and 2.3% in 2024  also above the March projections. </subfield>
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      <subfield code="a">Perspectivas económicas</subfield>
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      <subfield code="a">Recuperación económica</subfield>
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