Board expects that some further tightening of monetary policy may be needed.

Board remains resolute in its determination to return inflation to target.

Inflation at 7 per cent is still too high and it will be some time yet before it is back in the target range.

Further tightening will depend upon how the economy and inflation evolve.

Central forecast remains that it takes a couple of years before inflation returns to the top of the target range.

A significant source of uncertainty continues to be the outlook for household consumption.

Inflation is expected to be 4½ per cent in 2023 and 3 per cent in mid-2025.

Unemployment rate is forecast to increase gradually to be around 4.5 per cent in mid-2025.

GDP is forecast to increase by 1.25 % this year and around 2 % over the year to mid-2025.

Data also confirmed that the labour market remains very tight, with the unemployment rate at a near 50-year low.

The path to achieving a soft landing remains a narrow one.

Board remains alert to the risk that expectations of ongoing.

High inflation contribute to larger increases in both prices and wages.