According to recent high-frequency indicators and surveys, the economy experienced rapid expansion in the fourth quarter of 2024. However, there is an expectation that growth may slow down towards the end of the year.
Consumer prices, when adjusted for seasonal factors, remained elevated between December 2024 and January 2025. This trend indicates that demand continues to exceed supply capabilities. Despite this, a decrease in credit activity and the normalization of fiscal policy are expected to gradually slow down demand growth.
To achieve an inflation rate close to the target of 4%, maintaining restrictive monetary conditions over a prolonged period is deemed necessary.
Further information can be found in the latest issue of the macroeconomic bulletin Talking Trends.