February 2017

1
2
(% yoy) (% yoy)
25 5.1

20 5.1

15 5.0
15.5
10 5.0
11.5 6.3
9.9 9.5 3.7
5 2.6 4.9
5.01 4.97 4.95 4.93 4.97 5.07 5.01 4.99 4.2
0 4.9
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3
2015 2016 2017
Annual Household Consumption Growth (rhs) Quarterly RSI Growth (lhs)
Annual RSI Growth (lhs)

3
4
Index (%)

170.0 7.0

160.0 6.0

150.0 5.0

140.0 4.0
131.3
130.0 3.0
132.3

120.0 2.0

110.0 1.0

100.0 0.0
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8
2015 2016 2017

6-month cumulative inflation (RS) Price expectations in six months time (LS)

5
6
7
8
9