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Europe needs to act

Inflation in the Eurozone has climbed to 8.1% for the month of May, anualized. For April, it was 7.4%. If we look at the components, There is a clear outlier, which is #Energy, where prices are rising substantially, due to the #ukraineconflict and #russiansanctions. However, food inflation is also elevated, and the european consumer is being squeezed. The #ecb needs to act to contain inflation, and probably aggressively, because the narrative that inflation is contained is no longer credible. Lagarde communicated last week, probably after knowing todays #cpi datapoint, that the #ECB will act to contain inflation by raising rates and reducing its balance sheet.

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