It is clear that the monetary policy measures still have some way to go for their full effect on inflation to unfold. To give you an idea: about a month ago, we estimated the extent to which the current tightening is already being reflected in some key variables.
2/7  BIS - Central bankers' speeches  While we can assume that the measures have been passed through in full to money and capital market rates, the estimated share for loan rates is roughly 80%. Regarding the loan volume, the degree of pass-through is about 40%, while pass-through to GDP is around 30% and, to inflation, roughly 20%.