Part 3/5:
The inflation data offers a mixed picture. The one-year inflation projection remains at a stable 2.6%, which is a significant improvement as it marks the lowest month-over-month inflation figure since December 2020. However, the expectation for inflation over a five to ten-year horizon increased slightly from 3.1% to 3.2%. This slight increase is particularly concerning as it aligns with levels observed in November of the previous year, showing that long-term inflation expectations remain stubbornly high.