The sluggishness is largely attributed to developments in the prices of petroleum products, such as gasoline, which have recently declined from their levels the previous year, following a period of deceleration. In addition to this, the introduction of new billing plans for cellular phones has also been placing downward pressure on the CPI recently.
We are as mindful of the big shocks as we are of small shocks that can morph into bigger and more extensive risks to the system. Let me use COVID-19 as an analogy. COVID-19 may have started with infected individuals, but it has spread so massively that we are now treating both individuals and economies. This epitomizes systemic risk.