Helene Zimmer Wikipedia, Biography, Instagram, Net Worth, Age
Helene Zimmer Wikipedia, biography, Instagram, net worth, age: The first lockdown due to the coronavirus forced Belgian households to drastically change their spending habits. Two NBB economists, Hélène Zimmer and Jana Jonckheere, assessed how this shift in consumption affected the way inflation is measured in an article to appear in the December issue of the Economic Review.
Helene Zimmer Wikipedia, Biography, Instagram, Net Worth, Age
In March the state of quarantine was introduced. What impact did it have on the household consumption structure?
Consumption habits have undergone a significant change as a result of the quarantine and closure of the so-called non-essential businesses, the reduction in income of temporary and self-employed workers, and the uncertainty about the conditions for a possible way out of the crisis. resolution. The weight of other categories, such as clothing, restaurants, motor vehicle purchase, etc., fell to the lowest point in April 2020, after which it increased again. Relative to total expenditures, food consumption has increased.
And how does inflation affect?
It appears that inflation may have been higher, at 0.4 percentage points in April and May, suggesting that the impact of this adjustment on the consumption basket during the year may have been greater than previously thought. The impact appears to have been less noticeable on average over the entire period considered (February-July). Due to the fact that it was added at a time when food prices were rising globally, the perception of higher inflation intensified.
Why did food costs skyrocket during the initial shutdown?
Both reasons related to the coronavirus and variables unrelated to the health crisis can be blamed for this rise in prices. For example, various bottlenecks in the supply chain have increased costs. Additionally, supermarket specials have been temporarily banned in an effort to prevent hoarding. Most significant is the rise in the cost of fresh produce, but non-Covid causes, such as the rebound in European meat demand due to African swine flu and weather-related factors, have also had a significant impact. Not only in Belgium, but also in neighboring countries, there was an increase in food prices.
Are there differences in the spending habits of high and low income households?
Given that consumption was limited to certain product categories and consumption profiles between high- and low-income households increasingly diverged during the lockdown, it’s an intriguing topic. Poorer households, in fact, had a lower overall inflation rate because it is well known that higher-income individuals spend more money on food products than lower-income individuals on energy products, which have experienced drastic price reductions. . Not forgetting their economic problems, as these households were likely to suffer the greatest income losses during the crisis.
According to his research, customers expected a significant increase in prices. Is this an overreaction?
That is, the monthly consumer survey conducted by the Bank revealed that inflation has been falling for several months, inflation expectations in April increased significantly. In fact, inflationary expectations tend to be overweight towards current purchase prices. During the crisis, fuel prices rose slowly or even fell compared to other items (such as some services), while the most frequently consumed foods became more expensive. However, since then these expectations have been diminishing. Therefore, it is not yet clear whether household concerns about inflationary tensions have increased significantly.
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Categories: Biography
Source: HIS Education