Our inflation target for 2013 which is in line with the broader macroeconomic targets (including the budget deficit of 9.0 per cent, real GDP growth of 8.0 per cent including oil or 6.5 per cent excluding oil and a broadly stable exchange rate) remains at 9.0 per cent.
Recent trends in inflation Inflation rose from 8.8 per cent at the end of 2012 to 10.4 per cent in March 2013. This is consistent with the Bank’s projections as the increases in February and to a lesser extent in March reflected the effects of the recent upward adjustment in petroleum prices in February as well as seasonality of food prices.