Projection that we present today is very much into parts. Im going to begin with the first part. Starting near term outlook. This chart shows the evolution of Consumer Price inflation and its components since 2018. It shows that inflation has come off the peak in october last year and that it continues to fall over the rest of this year in our near term projection. Thats the piece showed in the shade of part of the chart. This fall can be attributed in large part to a full on contribution from energy. Fuel prices have declined, electricity and gas prices have stabilised, albeit at a higher level. The Dark Orange Bars on this chart show how the contribution from Energy Prices falling and turning negatively in the coming months. Giving off gems price cap on energy and gas bills, we expect inflation to take a further step down in the july dates will be published in two weeks time. That will come down to around 7 at that point. Following a larger step down in 0ctober s data to around about
some of your final words there, you were some of your final words there, you were talking about having rates sufficiently high for sufficiently lon- sufficiently high for sufficiently long to sufficiently high for sufficiently long to bring inflation back to target long to bring inflation back to target. can you expand on that little target. can you expand on that little bit target. can you expand on that little bit because there are many households out there that are looking households out there that are looking at interest rates, they are hoping looking at interest rates, they are hoping that after they were high for a while hoping that after they were high for a while that they would start to come a while that they would start to come down, are you saying that actually come down, are you saying that actually we need to be prepared for interest actually we need to be prepared for interest rates to be high for longer than a interest rates to be high for longer t
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