It is therefore highly welcome that, in view of the ongoing turmoil, the international community promptly called for a concerted response aimed at identifying the weaknesses, drawing comprehensive lessons and formulating policy responses with a view to strengthening the resilience of the financial system. Work has progressed intensively both at the international as well as the EU level.
The recent rise in the CPI is attributed to not only the increase in prices of energy-related goods but also rises in prices of a wide range of items as a result of resilient private consumption. This is evident from the fact that the decline in the CPI excluding food and energy is gradually coming to a halt.