Higher inflation mainly reflects pressures in the noncore component of the CPI, from agricultural prices as well as energy prices and government tariffs. However, the negative supply shock is expected to be transitory. At the same time, moderation in core inflation continues to depend, to some degree, on a positive shock from certain services prices.
Nevertheless, core inflation has remained around 3 percent during the last few months and is expected to stay around this level during the rest of this year and next. Up to now, there is no evidence of secondary effects from recent changes in relative prices.