Indeed, pipeline price pressure pressures appear low with producer prices having declined for a while, recently declining even further to –1.4% in October from –0.9% in September. Also labour cost pressures are very much contained, particularly in the presence of moderate wage growth, high unemployment and ample spare capacity. External price pressures eased during the first three quarters of 2013, i.a.
owing to sluggish global demand and declines in oil and non-oil commodity prices. The import deflator is thus estimated to have declined in year-on-year terms over this period.