In recent years, the global housing market has witnessed faster price hike during a longer period time with far more wide-ranging impact than any other period of time before, not only in developed countries such as the US, UK, France, Spain, Italy, Belgium, Denmark, Sweden and Australia, but also in Brazil, India, Thailand and other developing countries.
The impact of the Russia-Ukraine conflict will be mainly through higher energy and oil prices. But we expect this to be manageable. Based on latest estimates of the BSP, inflation could average slightly above the 2.0- to 4.0-percent target range this year and then move back to within the target  band next year.