In view of these developments in the underlying price environment, the CPI is expected, in the longer run, to trend upward.
Nevertheless, it should be borne in mind that there are also downside risks, which could, if they materialize, make it harder for prices to swiftly regain an upward trend: an example is the progress of economic globalization, which may cause prices to respond less sensitively to changes in the output gap than hitherto, and cause wages to take longer to establish their recovery than projected.