Nevertheless, this lengthy undershooting does not yet signal a statistically significant departure from the target after accounting for the volatility of the 12-month mean inflation rate.
Indeed, there is little mention of the problematic overshooting and undershooting of the gas plants and there is no mention or analysis of this and its impact on the grid.
But this sustained undershooting does not yet signal a statistically significant departure from the target once the volatility of the 12-month mean inflation rate is taken into account.
Again, drivers who experienced the steering ratio change displayed a clear period of adjustment, undershooting the steering wheel turning required to complete their lane change.
The bottom line is that underlying inflation is undershooting the 2-3 per cent target band and that suggests little risk in cutting rates a little further.
In essence, to ensure inflation expectations are around 2 per cent over the medium-term, some overshoot may be required to offset the prolonged period of undershooting the inflation target.