Who bears the costs of inflation? Euro area households and the 2021–2022 shock

After three decades of low and stable inflation in advanced economies, prices rose sharply after the Covid-19 pandemic. In the euro area, headline inflation reached a peak of 10.6% in October 2022. The increase was marked and unexpected, with energy and food prices being the main drivers of the aggregate price dynamics. Did everyone bear the costs of
this surge in the price level equally?