This decline is entirely accounted for by two factors: the fall in petrol prices and the decision to make child care (and some preschool) free. Growth in some other prices, including groceries, was higher than it had been in some years. Large movements in prices in both directions, as well as some measurement challenges, make the underlying trend in inflation harder to discern.
The reason we say that is that month-on-month inflation-for the first time-is back to normal [for December 2022], which is our target divided by 12 [months]. Of course, one month does not make a forecast, but our own models and our own analyses of data show that this is indeed a trend-unless, of course, new supply shocks happen.