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European Monetary Union: inflation under 2% in 2000

Author

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  • Wolfgang Nierhaus

Abstract

The stability figures for the euro regions worsened again slightly in 1999. In December seasonally adjusted and annualized inflation - measured in terms of the harmonized index of consumer prices (HICP) of the eleven EMU member states - was 2.1%, surpassing the 2% mark for the first time since July 1996. Compared to December 1998 consumer prices rose by 1.7%. The rise in inflation was above all due to the increase in the price for crude oil and industrial raw materials. Another contributing factor was the significant drop in value of the euro. Assuming that the new round of wage negotiations in the euro region leads to a moderate increase of unit labour costs and the euro does not lose more ground - the fundamentals do not support a further devaluation - the increase in consumer prices in the EMU will average 1.8% in 2000. There are thus good chances that the stability goal of the European Central Bank, i.e. an HCPI of under 2%, will be reached.

Suggested Citation

  • Wolfgang Nierhaus, 2000. "European Monetary Union: inflation under 2% in 2000," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 53(05), pages 13-17, February.
    • Handle: RePEc:ces:ifosdt:v:53:y:2000:i:05:p:13-17
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    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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