* * * Good afternoon. I just want to say a few words of welcome and thank everyone for being here— albeit in much different circumstances than would otherwise be expected.
Headline inflation was 1.4% in October and is expected to temporarily decline towards the turn of the year, mainly owing to a weaker energy component as a result of base effects. Underlying inflation pressures are still subdued as labour market slack remains significant. The improvements in labour markets that we have observed still need time to translate into more dynamic wage growth.