Final consumption deflator rose by 0.3% and prices for fixed asset and software goods fell by 0.6%. In contrast, construction prices again rose significantly (+4.9%). In the foreign trade sector prices of exported goods and services rose by 2.2% and those of imports by 3.0%.
Trends on the equity, commodity and real estate markets can provide pointers to future inflation trends. Furthermore, price swings in these markets may trigger wealth effects which will in turn have repercussions on corporate and household savings and investments. Since the December 2006 assessment, real estate is likely to have had a positive impact on wealth. This could lead to higher private consumption and increased price pressure. On the other hand, most commodity prices – including oil – have declined, which has had a dampening effect on inflation expectations.