Crude oil prices and inflation expectations  As many of us well recognized, crude oil prices declined significantly from the summer of 2014. In terms of the inflation forecast, the decline in crude oil prices is generally taken to be temporary. Crude oil futures markets were not broadly anticipating a further decline in crude oil prices over the next year.
Third, the acceleration in GDP growth raised the demand for housing. Thereafter, the rate of growth in housing credit has moderated. Consequently, its share in total bank credit has declined gradually to about 8 per cent by March 2012.