For the present, as I indicated, demand growth does appear to have moderated, but whether that moderation will be sufficient to avoid putting additional pressures on resources is an open question.
The higher margins earned by firms through price rises could lead to wage increases and are expected to serve as a great catalyst for achieving the 2 percent price stability target. The third factor is the possibility of future energy prices remaining high. Increasing energy prices have contributed significantly to the recent rises in inflation rates abroad.