However – and there is frequently a “however” in our business – further declines in oil prices suggest that total inflation will likely remain low for somewhat longer than had been previously expected before moving back to 2 percent. In addition, global financial markets have been unusually volatile since the turn of the year.
Various survey results and market developments suggest that firms and households' expectations for inflation in the medium to long term have so far been stable. By also taking into account those points, the Bank has been closely monitoring price developments. IV.