In the interim, total CPI inflation is likely to continue rising, as past energy-price increases push it higher. However, the recent decline in both spot and futures prices for energy commodities means that the spike in total CPI inflation expected between now and the first quarter of 2009 will be lower than projected in July.
This is of utmost importance if, like me, you are steering a central bank in a small island nation that endeavours to use technology to build a better, brighter and more inclusive tomorrow for its people.