While the outlook for energy prices remains uncertain, on the basis of current energy prices and the higher quotations on futures markets,  BIS Review 104/2006  1  inflation rates are likely to increase again in the next few months and early 2007. As a consequence, we expect a high degree of short-term volatility in the annual HICP inflation rate.
Since the summer of 2012 substantial progress has been made in improving the funding situation of banks and, in particular, in strengthening the domestic deposit base in a number of stressed countries.