Our economy this year is forecast to grow by 3.2 percent, up from the 2.2 percent growth last year. Consumption activity has been upbeat and is a reflection of a combination of factors including lower personal income taxes and higher inward remittances.
Depending, in particular, on the future path of oil and other commodity prices, some even stronger downside movements in HICP inflation cannot be excluded around the middle of next year, particularly due to base effects. These movements would be short-lived and therefore not relevant from a monetary policy perspective.