This is because the increases in raw material prices and shipping charges have been able to be absorbed mainly by reductions in wages, which seem at last to have almost run their course, and higher productivity. Hence, these increases have not been passed on into prices of finished goods.
In other words, we need to make a quantitative distinction as to what part of a given change in the yield curve is likely due to policy itself – our actions and often also our words – and what part is due to other factors, such as spillovers from abroad or improved growth expectations.