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Strength of goods spending still boosting inflation

The consumer recovery in advanced economies has been characterised by particularly strong spending on goods and a weaker pick-up in services demand. There are signs that goods spending is now flattening off as households are able to buy more services. But supply shortages have caused a build-up of unmet demand for some goods, suggesting that it may be some time before this translates into a meaningful let-up in price pressures.

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