In the future, we see more active and demanding aging population requiring services online as they have used to get them during working life. With experience these people may be more risk sensitive and they are able to demonstrate their needs, but they are no way hindering services development, rather the contrary.
In deciding on the appropriate monetary policy response, it is not always easy to differentiate between first and second round effects. Some analysts have argued that we should exclude food and oil from the price index that we target. We do not believe that targeting such an index would be credible.