It is difficult to construe an unemployment rate over the period where you would witness accelerating inflation if the actual unemployment rate were lower or decelerating inflation if the unemployment rate was higher.

Recent slower real GDP growth has also been reflected in a deceleration in consumer price inflation.

In reality, it is the recession that explains the fall in inflation, rather than this being a sign of a possible reflation.

In contrast with negative demand shocks, an economic slowdown triggered by a sustained negative supply shock is associated with higher rather lower inflation.

It is difficult to construe an unemployment rate over the period where you would witness accelerating inflation if the actual unemployment rate were lower or decelerating inflation if the unemployment rate was higher.

From the graph, it is difficult to construe an unemployment rate over the period where you would witness accelerating inflation if the actual unemployment rate were lower or decelerating inflation if the unemployment rate was higher.

The deceleration of the annual inflation rate in May is in line with the latest forecast of the NBM (published in May 2016) and validates the correctness of monetary policy decisions taken in 2015.

The deceleration of the annual inflation rate in July is in line with the latest forecast of the NBM (published in August 2016) and validates the correctness of monetary policy decisions taken in 2015 and at the beginning of the year..

The evolution of the annual inflation rate is in line with the latest forecast of the NBM (published in February 2017) and validates the correctness of monetary policy decisions taken in 2016.

A common feature of this debate is the underlying assumption that the next economic slowdown will go hand in hand with falling inflation and the need for central banks to lower interest rates (again).

The continuous decrease of the annual inflation rate in February is in line with the latest forecast of the NBM (published in February 2016) and validates the correctness of monetary policy decisions taken in 2015.

The deceleration of the annual inflation rate in April is in line with the latest forecast of the NBM (published in May 2016) and validates the correctness of monetary policy decisions taken in 2015.

The decrease of the annual inflation rate in January is in line with the latest forecast of the NBM (published in February 2016) and validates the correctness of monetary policy decisions taken in 2015.

Deceleration in annual inflation in August is in line with the latest forecast of the NBM (published in August 2016) and validates the correctness of monetary policy decisions in 2015 and early this year.

Sales at the Group's businesses in Latin America (Exito Group and GPA Food) increased +4.9% in organic terms and +1.9% on a comparable basis over Q1 2018, against a backdrop of slowing food inflation.