It projected that CPIX inflation would peak towards the end of 2002 (which it did), and then would decline fairly dramatically during the course of 2003 (which also seems to be in progress).
The disciplined monetary policy stance and continued sound control over the government finances were already set to reign in the inflation spiral, and are now receiving some additional help from the relatively strong exchange rate - stronger than had been incorporated in the central scenario of the October 2002 projections.