But crude oil prices have moderated in recent weeks. Should this moderation continue, total CPI will likely peak at a lower level than we thought in October. We also continue to expect that the total CPI will converge with the core rate, around 2 per cent, in the second half of next year.
However, we will continue to watch this closely, to make sure that the one-off influences I mentioned earlier do not feed into prices more generally. To conclude, let me repeat what we said in our last Monetary Policy Report.