Recent data on labour costs seem to broadly confirm the assessment of a levelling-off of wage increases. On the whole, inflationary pressure remains limited - an assessment that is confirmed by all available forecasts.
Given the conditional nature of any forward-looking evaluation, it is of course important to bear in mind all elements of risk to the outlook for price stability and to monitor inflation expectations closely. Turning to the monetary analysis, annual M3 growth has continued to moderate slowly over recent months.