that we also used instagram, facebook and x. my fellow board members were also actively involved in communicating with the public. over time, data began to show that the strong exchange rate had helped lower inflation. we calculated inflation momenta that show the current trend in prices. these dynamics are not influenced by prices from a year ago. we define it as a three - month moving average of monthly changes in the price index. we communicated that although inflation is still high year on year, the momentum is already slowing. our policy began to take effect. then the extremely high global prices of commodities and goods began to ease. that was crucial to our “ road to the target ”. i made a video comparing the situation to a ketchup bottle and shared it on the social network x ( twitter at the time ). that ’ s not typical of a conservative banker, but neither was the overall economic situation. the video explained the bottleneck effect : during the covid lockdown, part of production was stopped. after the end of the lockdown, demand jumped, but the goods were not yet ready. it's like opening a new bottle of ketchup, turning it over, but the ketchup gets stuck in the bottle. this shortage of goods led to rising prices. when the problems in the supply chain were solved and demand normalised, there was a surplus of goods. similar to when the ketchup finally flows out of the bottle, but much more than you wanted. we then observed an easing of the bottlenecks and disinflation in tradable goods. to keep an eye on the risk of demand - driven inflation, we tracked the development of demand in the economy practically in real time by creating an index of high - frequency indicators. my colleagues and i have written a working paper on this research ( adam et al., 2021 ). the index summarises the development of high - frequency indicators such as electricity consumption, the development of tolls collected on motorways and google searches for unemployment benefits. based on this indicator, we were able to determine that demand in the economy remained muted during 2023. we have also stressed how important it is to avoid a wage - price spiral so that cost inflation does not turn into demand inflation. our aim was to lower inflation expectations. i warned against a wage - price spiral in every speech, in every conversation. and we mentioned it in every statement after the monetary policy meetings. i called for wage

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