2 World Meteorological Organization (2023), "Past eight years confirmed to be the eight  warmest on record", press release, 12 January. 3 See World Meteorological Organization (2023), Global temperatures set to reach new  records in next five years, Press Release Number 17052023, 17 May.
Annual HICP inflation averaged 2.2% in 2005, marginally higher than the rate of 2.1% observed in each of the two preceding years, mainly as a result of substantial increases in energy and commodity prices. When reviewing economic and monetary developments and the ECB’s monetary policy decisions in 2005 and early 2006, it is useful to divide this time period into two parts.