The relationship between inflation and energy inflation has varied over the past 25 years
Effect of a 10% increase in energy prices on core inflation, driven by natural gas prices
Effect of a 10% increase in energy prices on core inflation without an increase in natural gas prices
Stability of inflation expectations has varied across different periods
Inflation expectations have recently remained close to 2%
Most of economic growth in recent years has occured in service industries
Rapid growth in services is a longer-term trend
Household service consumption increasing
Services' share of the economy's value added and employment grew in the recent decades
In service sector, professional and communication services have greatest impact on economic growth
Employment growth has focused on the service industries
