Is it really just the oil price? Some general observations on inflation in the euro area

The recent low inflation rates in the euro area are often explained by the significant oil price drop. But this is only part of the story. Other measures of inflation that are less influenced by energy price trends also indicate very low inflation rates. The reasons for the present inflation environment are rather to be found in overall economic demand and the job market situation.

Is it really just the oil price? Some general observations on inflation in the euro area(PDF, 135 KB, non-accessible)