In fact, the persistently high levels of inflation confirm the need for proper coordination of all policies. We at the Central Bank are firmly committed to our mandate and we will continue to conduct our monetary policy to ensure that inflation is reduced and ceases to be a burden for the Chilean people. Thank you. 9  Figure 1 Inflation indicators (1) (2) (annual change, percent)  Total CPI  21  Core CPI  Volatile CPI  15  18  Core goods w/o foods  Core services  12  15 9  12 6  9  6  3  3  0  0 15  16  17  18  19  20  21  -3  22  15  16  17  18  19  20  21  22  (1) Dashed vertical lines mark statistical close of March 2022 MP Report. (2) For details on groupings and shares in CPI basket, see Box IV.1 in Dec. 2019 MP Report, Carlomagno & Sansone (2019), and Economic Glossary. Sources: Central Bank of Chile and National Statistics Institute. Figure 2 Structural decomposition of goods CPI w/o volatiles excl. Foods (*) (cumulative change since January 2020, percentage points)  10  Demand  8  Supply  Goods CPI w/o volatiles excl.
Mervyn King: Monetary policy developments Speech by Mr Mervyn King, Governor of the Bank of England, to the South Wales Chamber of Commerce, Cardiff, 23 October 2012. *  *  *  Of the many memorable moments in an eventful summer, recall that balmy night in late July when attention was diverted from the economy by the Opening Ceremony of the Olympic Games. The sound of Welsh children singing Cwm Rhondda on that beautiful beach in Rhossili filled the Olympic stadium. Inside the stadium, we saw not manna descending from heaven, but thousands of athletes and volunteers rising to their challenge. If the Olympics aimed to inspire a generation, the challenge for economic policymakers is to give that same generation the opportunities to make the best possible use of their talents in a vibrant economy. After a period of lopsided expansion, with growing trade deficits and debt levels, and a collapse of their banking systems, advanced economies across the world are facing a huge adjustment. Such is the scale of the global adjustment required that the generation we hope to inspire may live under its shadow for a long time to come. During the course of this year, the challenge has grown as the economic sky has darkened. The storm clouds coming from the Euro area have not yet lifted, and in other parts of the sky new clouds have drifted over. China, India and Brazil, the three largest emerging market economies, are all slowing.