My colleague Andréa Maechler will describe the adjustments to monetary policy implementation in more detail later. Page 1/4  Zurich, 22 September 2022 Thomas Jordan  News conference  Inflation forecast  Let me now turn to inflation developments. Inflation rose to 3.5% in August and is likely to remain at an elevated level for the time being. The latest rise in inflation is principally due to higher prices for goods, especially energy and food. Our new conditional inflation forecast is based on the assumption that the SNB policy rate is 0.5% over the entire forecast horizon (cf. chart 1). Up to mid-2024, the forecast is above that of June. After that, it is lower due to the now tighter monetary policy. At the end of the forecast horizon, inflation stands at 2%. The new forecast puts average annual inflation at 3% for 2022, 2.4% for 2023 and 1.7% for 2024 (cf. table 1). Without today’s SNB policy rate increase, the inflation forecast would be significantly higher. Global economic outlook  I will now move on to the economic outlook. Global economic growth has slowed considerably in recent months. At the same time, inflation in many countries is markedly above targets. In response, numerous central banks have further tightened their monetary policy. In our baseline scenario, we expect this challenging situation to persist for now. Global economic growth is thus likely to remain weak in the coming quarters.
Everything that I have mentioned about digital infrastructure and connectivity is well within the capacity of Africa to achieve. In fact, you have a unique opportunity to leapfrog legacy systems and vested interests, and build a modern digital economy and society, from the ground up on a clean slate. This room is filled with innovators, investors, business leaders, and policy makers from around the continent. Together, you can shape a future where technology and finance  2/3  BIS - Central bankers' speeches  converge to create a more prosperous, vibrant, and inclusive Africa. Thank you. 3/3  BIS - Central bankers' speeches