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Housing Prices Are the Missing Ingredient in the ECB’s Inflation Estimate

  • Euro-area inflation gauge assumes low spending on housing
  • Economists say cost of owner-occupied homes should be included
Berlin Freezes Rents in Landmark Plan to Tackle Cost Spiral
Photographer: Krisztian Bocsi/Bloomberg

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When Christine Lagarde tries to work out why the European Central Bank can’t hit its inflation goal, she might need to look at the measure itself.