The latter would, under normal conditions, imply a change in relative prices without a permanent effect on inflation. The risk in this case derives from the potential for second-round effects, given the 5  magnitude and simultaneous impact of the shocks, in the context of a large depreciation of the exchange rate.
The overall objective of this prudent monetary policy approach was to achieve a gradual convergence of inflation to the target, at the lowest possible cost for economic activity. It is important to stress that monetary policy has been supported by actions in other fronts.