In particular, financing conditions must remain expansionary to contribute to the economic recovery, supporting demand and employment, thereby counteracting the negative impact of the pandemic on growth in prices and to foster the convergence of inflation towards its aim in a sustained and symmetrical manner.
Whether it is travel, housing or protein, consumption levels in major emerging markets are currently fractions of those in advanced economies.5 With convergence still a long way off, the demand for commodities can be expected to remain robust for some time.