The headline CPI number was, however, a bit lower than we had previously expected, reflecting the decline in petrol prices that started late last year. We expect headline inflation to decline further this year as the full effect of lower petrol prices shows up in the figures.
Graph 7  8 / 13  BIS central bankers' speeches  So that is the summary of the key numbers. As always, there is a range of uncertainties, many of which will be discussed in the SMP on Friday.