In addition, the global supply disruptions associated with the disaster in Japan put upward pressure on motor vehicle prices.
Looking ahead, the Governing Council is determined to act in case of adverse 1/3  BIS central bankers' speeches  contingencies and also stands ready to adjust all of its instruments, as appropriate, to ensure that inflation continues to move towards the Governing Council’s inflation aim in a sustained manner. Let me now explain our assessment in greater detail, starting with the economic analysis.