Overall, given recent energy prices in futures markets, total inflation is projected to average just above 1 per cent in the first half of the year, before returning to the 2 per cent target in 2008. That's a look at our base-case economic projection.
But if there's one thing we can be certain about, it's that the economy will not evolve exactly as set out in our base case. So a very important part of our outlook is the assessment of the risks surrounding our projection. There are risks on both the upside and the downside.