And I am reminded of Charles Darwin’s conclusion from his great study of species: “It is not the strongest of the species that survives, nor the most intelligent, but the one that is the most responsive to change”. I wish you all a very fruitful seminar. Thank you for your attention. 6  BIS central bankers’ speeches
After peaking around the middle of 2022, global inflation moderated somewhat in the fourth quarter of 2022 and into the first quarter of 2023. However, although these developments have, overall, been positive, for many economies inflation still remains elevated and well above central bank targets. Importantly, inflation is showing signs of persistence in several sectors.