Philip Lane, chief economist of the European Central Bank, says artificial intelligence is exerting only limited pressure on headline inflation in the euro area. One key reason is the low weight of smartphones, electronics and vehicles, the products most closely linked to the technology, in the Harmonised Index of Consumer Prices. The ECB found that 52% of workers were using artificial intelligence in 2026, up from 26% in 2024, while 64% of companies are experimenting with it or using it moderately, with no apparent aggregate effect on employment, productivity or prices. Its main macroeconomic influence is instead visible in higher long-term bond yields, which tighten financial conditions and may reduce economic activity and inflation in the medium term. Increased electricity demand related to computing infrastructure could nevertheless place slight upward pressure on energy prices.
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