above the target, and the differential between nominal and real yields on government securities continue to point to upward risks for inflation in the medium and long terms. It is difficult to define a baseline scenario for the behavior of inflation in coming months, in a context of unusually high uncertainty as the one prevailing today.
However, in view of the recent behavior and the prospects for inflation, even assuming an orderly behavior of the exchange rate, no demand pressures on prices, and the absence of new supply shocks, a convergence of inflation to the 3 percent target by the end of this year appears to be unrealistic.