In the United States, for example, over the past year, goods prices—based on the core measure of inflation—fell 1½ per cent, while services prices rose by about 3½ per cent, resulting in an overall core inflation rate of about 2 per cent. A similar scenario is playing out in the United Kingdom.
The Reserve Bank is working on the next Payment Systems Vision document. In this context, it is also imperative that market participants also continue to take serious interest in developing the payment systems. That will need quite a catalytic efforts from common interest groups.