2  The Bank’s view on recent economic and financial developments, determined by the Policy Board at the Monetary Policy Meeting held on 13 October as the basis of monetary policy decisions. 1  BIS Review 112/1999  as the rise in crude oil prices to date will continue to be passed on to prices of other products for a while.
However, even at this level, the rate of increase in base pay merely exceeds 2 percent, which is extremely low compared to the wage growth in the United States and Europe.