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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 ....
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Here, back last november, saying we thought it was going to be a long shallow root session, a lot of that was based on energy prices which are much higher. that has not transpired. we have had a much different and resilient picture of economic activity. we have seen some increase in unemployment, but we all want to. their arguments that you can deftly put the other way. in the run up to the june 50 basis point in the run up to the june 50 basis point hike, in the run up to the june 50 basis point hike, we saw two upward surprises point hike, we saw two upward surprises in cpi. going in today s decision, surprises in cpi. going in today s decision, we had won downwards a prize decision, we had won downwards a prize in decision, we had won downwards a prize in cpi decision, we had won downwards a prize in cpi figures. i have a question prize in cpi figures. i have a question about your reaction going ....