However, collective bargaining is still underway and it remains to be seen exactly how the results of this process will affect monetary policy. 10  BIS central bankers’ speeches  Figure 9. Rate of wage increases in line with the inflation target Annual percentage change and percentage of labour force  12  Unemployment, aged 16-64  12  Unemployment, aged 15-74 Average 2001-2011, unemployment  10  Wages  10  Average 2001-2011, wages  8  8  6  6  4  4  2  2  0  0 93  95  97  99  01  03  05  07  09  11  13  15  Note. Preliminary outcomes in the short-term wage statistics in 2011. The broken lines are the Riksbank’s forecast in February 2012. Sources: National Mediation Office and the Riksbank  Another relevant factor is that the rate of inflation measured in terms of the CPI has declined since the autumn. In August last year, CPI inflation was as high as 3.4 per cent. It has fallen significantly since then and in January the rate of inflation was just below 2 per cent. I expect, in line with the assessment in February, that CPI inflation will fall further in the period ahead when the interest expenditure of the households increases more slowly. Underlying inflationary pressures are also low in the wake of a strong krona and lower resource utilisation.
i) TeSA aims to identify specific ICT skills in demand and work with training providers to meet these demands. ii) For example, the US-based Byte Academy has recently set up in Singapore, and has come on board IMDA’s Tech Immersion and Placement Programme (TIPP). Byte will offer a series of intensive courses on FinTech and data science to ‘convert’ nonICT professionals to meet the software and programming needs of the industry. 18 I encourage all companies, both start-ups and incumbents, and individuals, to tap on these initiatives and invest in the skills of the future. 19 We cannot talk about expertise without talking about learning. And learning, unlearning and re-learning is what the game is about in the economy that we are creating together. 20 We need to learn more about the things we do not know, and to constantly update our knowledge in familiar areas. In every job, from the CEOs to the fresh entrant from school. 21 We never know where our learning journey will take us, but it usually takes us somewhere better. Take for example Vernon Heng, 32. After university, he worked overseas in a variety of fields, including construction, sales and marketing and supply chain. 3/4  BIS central bankers' speeches  When he decided to return home to Singapore and explore new career options, his brother, a user experience (UX) designer, encouraged him to consider the field. He enrolled in a UX course at General Assembly under IMDA’s TIP Programme, and found himself enjoying every step of the process.