The recent readings on core inflation suggest that the higher costs of energy, a pickup in prices of imported goods, and, perhaps, the persistent upward price pressures in commodity markets may be passing through a bit to core consumer prices.
2  BIS Review 23/2008  The implications of financial stress for the economic outlook The recent evolution of U.S. financial markets is a complicated story, and a full consideration of how and why this episode of financial turmoil developed is a topic for another speech.