The second factor, import prices, has already affected the CGPI and the CPI to a considerable degree through increases in energy and material prices and passing on of such cost increases to sales prices, and it will likely continue to be an important influence. The third factor, inflation expectations, is theoretically an important factor affecting the inflation rate.
The key is whether the increases in energy and materials prices will bring about a "second-round effect" of further increases in wages and prices through heightening of the inflation expectations of firms and households. In fact, after the first oil shock in the 1970s, this "second-round effect" significantly increased prices and led to the situation often called "runaway inflation."