Dr. Kieran McQuinn:

Back in the winter commentary, we said we expected inflation this year to be 7.1%. Our estimate for this year will be quite a bit lower than that. Like many people, we felt a couple of weeks ago the rate would come down even more. Clearly, the energy price element is coming down. There is no doubt about that. However, food prices and other areas have started to pick up. Recently there was an anomaly of housing costs, a key component of the consumer price index, going up. Ironically, they are going up because interest rates are going up.