Firstly, the quarter-on-quarter figures which give a better indication of the short-term trends show that on an annualised basis CPIX decelerated from 14,5 per cent in the fourth quarter of 2002 to 6,7 per cent in the first quarter of 2003.
With this in mind, let me briefly share two key issues in current discussions of monetary policy stance. Disinflation The first is disinflation pressures. The overall impact of the significant decline in international oil prices will vary in direction and scope across the globe. While there were recent upticks, oil prices remain well below their levels in mid-2014.