11  See Kergozou, N and S Ranchhod (2013) “Why has inflation been low?”, Reserve Bank of New Zealand Bulletin, 76 (3), September. 10  BIS central bankers’ speeches  The evidence and research we have accumulated does point to neutral interest rates being lower than in previous cycles.
The covid-related supplyside disruptions and the Russian invasion of Ukraine exposed fragilities of our food and energy systems, and our high dependence on foreign supply of raw materials and technologies, including those highly important for green and digital transition. 1/3  BIS - Central bankers' speeches  The reaction of many firms was an increase in inventories, which added fuel to rising prices.