We assumed a situation with no change in the combined number of transactions, but a payment pattern very different from the currently used one i.e. a vigorous increase in the number of electronic credit transfers, direct debits, and debit card transactions.
However, if we exclude energy and food from the CPI, then the inflation rate has been still around zero, although it has crept up a little in recent months. Thus, the recent rise in the CPI inflation rate is mostly due to the rise in commodity prices and some pass-through to other goods and services.