If we look at the core rate of inflation (i.e. headline inflation excluding food, petrol and energy), it has accelerated by 2,6 percentage points since it bottomed in early 2011. By contrast, in response to the previous cycle of significant exchange rate depreciation (58 per cent between 2006 and 2008), core inflation increased by 7,9 percentage points.
This suggests that the lack of dynamism in consumer demand as well as the absence of a credit boom or of significant wealth effects seem to have limited the ability of producers and retailers to pass through cost increases to the end consumer.