The high level of inflation following the hike of subsidized fuel prices has returned to its historical pattern [GRAPH 7]. This development suggests that the second round impacts of the hike of subsidized fuel prices were restrained. Although the administered and volatile food prices have significantly increased, core inflation remains below 5,0%.
To be clear, we err on the side of accepting some false positives because, as we saw during the crisis, the costs of missing too many problems are so high.