This resulted in a low inflation rate, as the relevant data in Table 1 show. Recent data for several European capitals support this, as house price growth was always higher than nominal wage growth. Higher interest rates can constrain house price growth but are less effective in the case of supply-side inflation (such as oil price shocks). Similarly, lower interest rates in the first two periods aided housing price growth, while higher interest rates in the 2022-2025 period hindered housing growth. On the other hand, in a low inflation and low interest regime, even though economic growth may be strong, lower price growth implies low-wage growth while low interest rates provide incentives for more house price growth, hurting the consumer and increasing inequality.