The Euro Area's Core Inflation Trends

Inflation has indeed been a big problem for Sweden. They've been hit very hard by the disruptions to the global supply chains, which we've seen over the past year. We think that core inflation will peak in Sweden at sort of 4 to 8.9% in March. And from this point onwards, we'll fall quite quickly. There's few inflation forces in Sweden. There's little keeping inflation high. The labor market is relatively loose. Inflation expectations are remarkably well anchored. So this will be very important in working out the direction of growth and activity going forward for the Euro area.