For the month of April, for example, the year-on-year inflation showed a small decline, barely measurable, from 7.2 percent to7.0 percent. It was too early to say that it was a reversal of trend. Eventually, when the May figures were released, the year-on-year inflation rose to 7.1 percent, no longer showing a downward trend.
In other words, inflationary pressures still persist, despite the hike in interest rate of 50 basis points at the MPC meeting in March 2011. At the same time, if we look at other measures of inflation, that is to say, the Core 1 and Core 2 inflation, also based on the year-on-year methodology, they confirm that the underlying inflationary pressures still persist.