In this sense, it is an expected outcome of monetary policy actions, which, as is well-known, work to curb inflation by moderating demand. Typically, a growth deceleration precedes an inflation deceleration, so the pattern playing out now is consistent with the expectation that inflation will begin to moderate over the next few months.
This has been the basis of our projections and guidance on future policy actions. Of course, there have been other factors that have impacted aggregate demand, especially the investment component. However, just as with the exchange rate and inflation, there are growth risks as well.