Transcribed
Purchasing manager's indexes, euro area
A1.10 Purchasing managers' indexes, euro area Services Manufacturing Composite Index 60- - 50. 40- 30 Jan Jul Jan Jul Jan Jul Jan Jul Mar 2009 2010 2011 2012 2013 Source: Bloomberg (accessed 24 March 2013).
Purchasing manager's indexes, euro area
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Widespread austerity and weakening economies have undermined retailers’ ability to increase prices. Consequently, price pressures remain subdued. Having peaked at 3.0% in September 2011, consumer pr...
ice inflation fell from 2.7% in January 2012 to 2.2% in
November and December, decelerating further to 1.8% in February 2013.
This reflects a significant slowdown of oil price inflation in Q4 2012, from 8.0% in October 2012 to 5.2% in December, and further to 3.9% in February 2013. The European Central Bank has been maintaining the interest rate on its main refinancing operations at 0.75%.
However, monetary transmission and banks’ onlending to firms remain impaired, as banks in several countries face
capital constraints combined with the need to further adjust their balance sheets.
Looking ahead, the March 2013 manufacturing purchasing managers’ index reading below 50 signals the continuing deterioration in euro area business conditions. The index improved to an 11-month high in January but relapsed in February and March. A similar trend was visible in the services index (Figure A1.10).
Source: Bloomberg (accessed 24 March 2013).
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