“Decline in inflation to be more gradual than previously thought.”

“Bringing inflation back to target is likely to be more drawn out.”

“Domestically sourced inflation has been widespread and slow to decline.”

“Still-strong levels of demand have allowed businesses to pass on cost increases.”

“Wages growth has picked up, but now appears to have broadly stabilised.”

“Key risks is possibility that high inflation today feeds into inflation expectations.”

“Encouragingly, measures of medium-term inflation expectations consistent with target.”

“Labour market conditions are easing, but are still tight.”