UBS On-Air: Paul Donovan Daily Audio 'The greatest disinflation story ever told?'

Anyone worried about inflation “stickiness” should look at Eurozone producer price inflation over the past 40 years. May Euro producer price inflation likely fell into deflation, having plunged some 45 percentage points in a year. Energy is a big part of this, but the collapse of inflation pressure is nonetheless astonishing. Most profit-led inflation is not in producer price data - it is generally a consumer price issue.