In particular, we have been looking more closely at issues relating to the variability of inflation, on the one hand, and the variability of output, interest rates and the exchange rate, on the other hand. With a longer track record of successfully maintaining price stability comes a better anchoring of the public’s expectations about future inflation risks.
The real GDP growth rate for the  1  January-March quarter of 2022 was negative, at minus 1.0 percent on an annualized quarter-on-quarter basis. This is because, amid prolonged supply-side constraints, such as on semiconductors and parts and components, services consumption had been under increased downward pressure due to the spread of the Omicron variant.