While developments up to the present are somewhat on the low side, they are within the range of expectations. As for the outlook, exports – mainly to emerging and commodity-exporting economies – are expected to follow an upward trend.
The inflation outlook had worsened at the time of our last Monetary Policy Committee meeting and is now expected to be slightly higher at 5.9 per cent and 5.5 per cent in 2013 and 2014, respectively. Inflation is projected to temporarily breach the target range in the third quarter of 2013, at a slightly higher average level of 6.3 per cent.