0 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 2011 2012 2013 2014 2015 2016 2017 2018 Source: Gallup, Ipsos/Ninamedia, Bloomberg and NBS. * Ipsos and Gallup agencies until December 2014, Ninamedia agency since December 2014, and Ipsos agency since January 2018.
After reaching this year’s low in April, we expect inflation to gradually approach the target in the coming period, though this year it will remain close to the lower bound of the target tolerance band. We expect inflation to approach the 3.0% midpoint in the second half of 2019, and to remain stable around that level until the end of the projection horizon.