This effect will largely recede by the first quarter of next year. We have seen this in the past, since fluctuations in energy prices have accounted for about three-quarters of the overall movement in inflation. To do our job without causing undue volatility in growth, we look through these factors, while remaining alert to signs of underlying inflation pressures.
9 Media commentary from 2015 and 2016 is replete with descriptions of the rout in global financial markets  resulting from financial turbulence in China. See, for example, Economist (2015).