Nonetheless, since the effects of import price rises will gradually dissipate as the pass-through of cost increases in the upstream of the distribution process to the downstream peaks out, the year-on-year rate of change in the CPI for all items less fresh food is expected to fall below 2 percent toward the middle of fiscal 2023.
Year-to-date, remittances dropped by only 2.6 percent as of August. Our overall external position will stay healthy. The balance of payments will post a surplus of USD 8.1 billion this year and USD 3.4 billion next year. The current account will also remain in surplus, at USD 6.0 billion this year and USD 3.1 billion next year.