High wage growth, accelerated by labor shortages and rising demand, is fueling inflationary pressures. Simultaneously, the green transition, characterized by significant investments in renewable energy and sustainable infrastructure, can lead to temporary supply chain disruptions and cost increases. Deglobalization and geopolitical tensions are also contributing to inflationary risks, as supply chains become more fragmented and trade barriers rise. These factors collectively create a more complex and uncertain economic environment, where the potential for unexpected inflationary spikes is heightened.

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