It judged that seeking to achieve a faster return of inflation to the midpoint of the target range would have been accompanied by more rapid growth in debt, at a time when household balance sheets were already very extended.
Given the high unemployment rate and deteriorated outlook for economic growth at home and abroad, the disinflationary pressures stemming from low aggregate demand will persist over the coming period as well. A disinflationary effect will also be generated by inflation expectations. In the fourth quarter, they dropped to 6.0% from 8.0%.