Headline inflation is 8.6 percent [in February 2023], which eventually fell to 7.6 [percent in March]. If you take out the extreme price changes-what you would call core inflation-it is also quite high [at 8.0 percent in March]. But to me, the numbers that mean a lot more are the little bars below [month-on-month (m-o-m) inflation].
If you multiply that by 12, that is the implied inflation rate for the year if everything is the same. For instance, that first figure there, 0.9 percent [m-o-m inflation] in March 2022, that is terrible. That is 0.9 percent times 12 [months]. If that had continued for 12 months, the implied inflation is more than 10 percent.