I am particularly happy that this Conference is being organised by the Institute as a part of its Golden Jubilee celebrations. The Institute has established a long and creditable track record of contributing to economic research consistently over its 50 years history. Its research has greatly enriched the debate on the conduct and formulation of economic policy over the years.
In terms of price developments, we are on track to achieving our inflation target of 2 to 4 percent for 2019. To give you some context, our June inflation declined to 2.7 percent from 3.2 percent in May, the lowest inflation recorded in more than 20 months since August 2017.