Furthermore,  BIS Review 110/2009  1  the assessment of risks changed significantly in the course of the year in line with the reversal in the trends of a number of factors impacting on inflation. The international oil price had been one of the main sources of upside risk to the inflation outlook during 2008.
However, in response to the global downturn, the price of North Sea Brent crude oil declined from levels of around $ per barrel in August 2008 to around $ in December. Domestic petrol prices followed suit and declined from R10,70 per litre in July 2008 to R6,01 per litre in January 2009.