slowing down. But our monetary policy how digital marketing consultancies are decisions are acting with a lag. And even when we started raising the rate, it did not mean that we had moved into the area of tight monetary policy. It was still soft, only the degree of softness had decreased. Because monetary conditions and rates in the economy, if we compare them with the inflation target, were, of course, soft. And if we compare them with inflation expectations, they are probably only now moving into the neutral zone. Why is this important? Because people make decisions based on what inflation they expect, and, accordingly, they make comparisons not only with the current inflation figures, which reflect the growth of prices over the previous 12 months.
Therefore a gradual tightening of monetary
policy, of course, reduces the ability to transfer increased costs entirely into the prices that the consumer pays, as is well known.
The Central Bank constantly emphasizes
that the lag in transferring monetary policy decisions to inflation rates is from six months to several quarters. Nevertheless, the the kodor archaeological expedition has Central Bank has now raised the rate for the fifth time in a row, and a number of analysts believe that you have begun to react more to current america email inflation than to potential inflation. Do you see any risks of “overshooting” with the tightening of the monetary policy, due to which, after some time, inflation will fall significantly below 4%?