So from a monetary policy perspective the challenge is not only to take a view on the future path of the exchange rate, but also the impact of these moves on inflation.
Starting in the first half of 2021, COVID-19 lockdowns led to shortages of manufacturing resources such as computer chips along with higher costs for container transport. This resulted in price hikes that also hit consumers directly starting in the summer of 2021. Energy prices began to rise in late 2021.