The inflation outlook has been improved to some extent by a number of variables that previously were seen as upside risk factors. As mentioned above, the international oil price has declined significantly and global food price inflation appears to be moderating although is yet to feed through to domestic consumer prices.
Every single economy has its own idiosyncrasy that calls for a particular regulatory framework. In the case of emerging ones, more prone to have incomplete markets, government action should be directed through regulation to complete them and to foster its development.