But the way the consumer price index (CPI) or inflation is computed, it will end up [being reflected for] 17 months. Consider this illustration: A country with zero percent inflation where the index is always 1.0, year one is always 100. Then, all of a sudden, it gets a single shock, 5.0 percent. So, the index becomes 1.05. Inflation is what?
1.05 divided by 1.0, minus 1.0, equals  2/7  BIS - Central bankers' speeches  5.0 percent. But that will happen 12 months in a row. The next month, it [the CPI] is still 105. So, you have a series of 105 for 12 times. On the 13th month, it is now 105 divided by 105. So, it is back to zero.