Slide 1 Prices of proteins  Slide 2 displays the inflation rates for these three sets of food items. The pattern for Pulses appears to conform to perceptions about sensitivity to monsoons. At least in the most recent months, the inflation rate for pulses has dropped significantly – in fact, below the overall rate of food inflation.
Meanwhile, inflation expectations for the euro area over the medium to long term continue to be firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2%. The Governing Council sees both upside and downside risks to the outlook for price developments as limited and broadly balanced over the medium term.