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Central Bank set to listen to public on inflation data gaps

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Central Bank of Ireland. Stock picture

Central Bank of Ireland. Stock picture

Central Bank of Ireland. Stock picture

The Central Bank will publish an economic letter 'Evaluating the Determinants of Irish Inflation' on Wednesday amid a wider shift in how central banks calculate and communicate inflation data.

Earlier this month, the European Central Bank chief economist Philip Lane called for housing costs to be given more weight in how inflation is measured.

Across the euro area, ECB experts are gearing up to do more to engage with audiences to better understand the public's views on inflation.

Sources cited by Reuters say a series of events, called "ECB Listens", is being planned in a development that reflects a shift in the bank's style under new president Christine Lagarde.

The ECB has consistently failed to meet its target for inflation to be close to but under 2pc, even though surveys show that households perceive inflation to be far higher than official data.

Some ECB policymakers suspect the lack of housing costs in standard inflation is the big difference.

Irish Independent