Stacksflation in Europe, Base Case Now?

Inflation outlook is mainly driven by this cyclical drivers of inflation, namely the risk that the US economy is overheating. In Europe you're actually seeing inflation still going up, but economic activity is starting to slow down. About two-thirds of inflation in Europe is energy and only a third in the US. Once we get to the other side of February, 2023, once we get out of Russia's invasion of Ukraine, the 12-month window will begin to no longer take into account the big spike that we had in the enterprise. That's exactly when you begin to see European inflation potentially coming down a lot harder.