To set effective policies in both tranquil and turbulent times, we must understand what drives inflation and be able to anticipate its future movements. So tonight I'd like to talk in some depth about inflation: exactly what it is, how we measure it, and how we gauge the underlying economic pressures that cause it to rise or fall.
Subsequent developments have shown that there are continuing elements of uncertainties in the global environment which are unlikely to be clarified or resolved in the very near future.