In other words, taking a forward-looking perspective on the economic and price situation for one to two years ahead, prices were judged likely to trend upward given the fundamentals behind the economy and prices, even if the rate of change in the CPI might temporarily fall into negative territory in the short run.
Considering this forecast for the economy and prices in the light of the Bank's "understanding of medium- to long-term price stability" referred to earlier, it was likely that sustainable growth under price stability would be achieved.