To sum up, in assessing price trends it is important to look through any short term volatility in inflation rates. At the policy-relevant horizon of the medium term, risks to price stability remain on the upside, relating in particular to stronger than currently expected wage developments in a context of robust ongoing growth in employment and economic activity.
I should add in passing that certain society-level efficiency gains (e.g. fewer hours wasted in commuting, less traffic congestion, less pollution) may never show in productivity statistics at the firm level. •  Swift technological progress can have disruptive effects on market dynamics. New leaders emerge and incumbent firms are often displaced in a relentless process of creative destruction.