14  One might question whether significant price trends can reasonably be anticipated for a storable commodity like oil. The price of such a commodity should reflect expected demand and "anticipated" increases should be limited to approximately the cost of storage, including the nominal interest rate.
Still, the following discussion would also apply to a shift in the trend in any important subset of consumer prices. BIS Review 76/2008  5  be upward pressure on overall inflation during this period, reflecting the slow response of the rate of change in some nominal prices to the new trend in the price of oil.