European Economics

European Economics Focus

13 August, 2004

The impact of oil prices on euro-zone inflation

The rise in oil prices to record highs makes for eye-catching headlines, but it exaggerates the
impact on the euro-zone economy. In real terms, oil prices are still far lower than during the true
‘oil shocks’ of the 1970s. Furthermore, the euro-zone economy has become less oil-intensive as the
manufacturing sector has shrunk as a proportion of GDP.

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