How much further rates go up will depend on how monetary policy is working, how supply challenges are resolving and how inflation is responding to this tightening cycle.

We have yet to see a generalized decline in price pressures.

There are no easy outs to restoring price stability.

Reiterates that, ‘This tightening phase will draw to a close. We are getting closer, but we are not there yet.'

Reiterates that we are still far from goal of low, stable and predictable inflation.

It will take time to get back to solid growth with low inflation, but we will get there.

The measures for inflation the banks is watching have stopped their rapid rise, but have not yet declined.