This is part of a series of key themes we are exploring ahead of the publication of our Global Outlook 2027 next week. Eurozone inflation is set to peak above 4%, as elevated energy prices are joined by rising food inflation and renewed supply-chain pressures The inflation mix will shift during 2027: energy inflation will ease, but food and delayed pipeline pressures will keep inflation elevated Some wage growth pick-up is likely, but looser labour markets and high interest rates should prevent a repeat of 2022–23 wage-price dynamics Several overlapping supply-side shocks are reinforcing inflationary pressures. The conflict in the Middle East has triggered an energy price shock and renewed supply chain disruptions.
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