It is likely that improvements in the U.S. economy as well as the recovery in the growth rate of overseas economies as a whole will become evident only sometime after the middle of fiscal 2009.
With regard to future developments in prices, the rate of increase in the CPI for all items excluding fresh food is expected to decline gradually until the middle of fiscal 2009, as energy and materials prices stabilize, while aggregate supply and demand conditions are  4  BIS Review 132/2008  expected to loosen, with real GDP growth falling short of the potential growth rate.