The Monetary Policy Report released on April 10, 2024, highlighted the positive impact of monetary policy on inflation reduction. According to the report, "monetary policy is working to reduce inflationary pressures and inflation is coming down, although it will take more time to see if this progress proves durable."
The report also provided insights into the future trajectory of inflation, stating, "The Bank projects that inflation will stay around 3% into the second quarter of 2024, ease below 2.5% in the second half of the year and return to target in 2025."
These projections indicate a promising outlook for inflation control in the coming years, as the measures implemented by the central bank continue to show effectiveness in curbing inflationary pressures.