It is important to examine the factors impacting on inflation: in view of the performance of the economy and the labor market, it is clear that the low inflation does not derive from moderate domestic demand.
In the past 3 years there were several factors acting to reduce inflation, and some of them are near to being exhausted; in the past year factors began acting toward increasing inflation, and we assess that their continuation is expected to support an increase in inflation to within the target range.