You also need to look at the flows in and out. On to monetary policy. Inflation has been dipping since October. Which we projected. So, nothing surprising. You wouldn’t say we’ve been overly dependent on quantitative easing? This is a little too much of a link to QE. We expected a dip in the inflation ratio.
It was clear that with the base effects of the energy prices, the inflation rate would drop. That’s why we’ve always said that we need to see a sustained adjustment in the path of inflation; not a change in the month that we just had but a sustained adjustment. The core inflation rate didn’t dip that much.