This result was similar to the value estimated for the three-month period of August to October 1998 (which was revised upwards from the figure of 4.5% published on 14 December 1998) and remains very close to the reference value of 4.5% set by the Governing Council on 1 December 1998.
With respect to the broadly based outlook for price developments and risks to price stability, financial market developments may be seen as indicating a favourable assessment of the recent monetary policy decisions of the Eurosystem, signalling that financial market participants expect the environment of price stability to continue.