ECB paper presents new measure of underlying inflation
“PCCI” measure does not exclude HICP items and gives timely notice of turning points, authors say
A working paper published by the European Central Bank presents a new measure for underlying inflation in the eurozone.
In PCCI – a data-rich measure of underlying inflation in the euro area, Marta Bańbura and Elena Bobeica explain the methodology of the persistent and common component of inflation (PCCI). Their new PCCI measure, they argue, is better in several ways than some existing measures of underlying inflation.
The authors say the new index “reflects the view that underlying
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