8  9  Figure 5: Household net saving rate (percent of disposable income) %  %  8  8  6  6  4  4  2  2  0  0  -2  -2  -4  -4  -6  -6  -8 1987  1991  1995  1999  2003  2007  2011  -8 2015  Source: Statistics New Zealand  x)  The period of negative tradables inflation has been very long Over the past five years, annual CPI inflation has averaged 1.1 percent.
At this moment of our history, we need more than ever that the brightest and most ambitious minds will set to work on the challenges that our society and institutions are facing. It is a great pleasure for me to wish you a fair competition. Might all of you bring their best. May the best team win! 2/2  BIS central bankers' speeches