By contrast, a more notable push to consumer price growth came from an increase in prices of petroleum products on the back of rising global oil prices early in the year, and prices of cigarettes following the regular adjustment of excises to consumer price growth in the prior year. In the year to date, there have been almost no increases in administered prices.
After reaching minimum level in April 2012, year-on-year inflation is expected to rise at a moderate pace from May and return towards the target. It will hover close to the upper bound of the target tolerance band in late 2012 and the first half of 2013 and thereafter fall back towards the target.