But, even if it is different, it is unlikely to be significantly higher. The current rate of inflation does raise concerns about the risks of spiralling, as high inflation becomes increasingly entrenched into the wage and price setting behaviour of workers and producers. In turn, if this were to adversely impact investment activity, the growth momentum would inevitably slow down.
In essence, the trade-off is more between inflation now and growth in the future. Before I conclude, I would like to briefly address the very fundamental issue of food inflation. Slide 8 displays the relative contributions made by different food groups to overall food inflation.