The average CPI inflation between September 2016 and February 2020 was 3.9 per cent and was closely aligned with the inflation target of 4 per cent. Recent Phase 15. The onset of the pandemic in early 2020 saw global commodity  prices crash as restrictions and stringent lockdowns were expected to lead to a collapse of aggregate demand.
There were, however, two occasions during the calendar years 2020 and 2021 when inflation hovered above 6.0 per cent.