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article “ digitisation and inflation ” in monetary policy report, february 2015. digitisation - related products have contributed for a long time to keeping down cpi inflation, but the effect has been relatively smaller in recent years than before. bis central bankers ’ speeches another channel has an impact via the internet and the matching and interplay between producers and consumers. increased competition via e - commerce and greater opportunities for consumers to compare products make it more difficult for companies to raise their prices. a third possible channel is linked to new technology being used to replace labour. although there have been fears that “ technology will take away jobs ” ever since the industrial revolution in the 18th century, they have not been realised. however, it is not necessarily a law of nature that technological advances always create at least as many jobs as they take away. the digital technology developments have made it increasingly profitable, and to an increasing degree possible, to replace human labour with machinery. it is probable that “ technological unemployment ” resulting from automation will become a more common phenomenon in the coming period than it has been so far, although this is of course something that remains to be seen. if this were to be the case, a lot more groups in the economy will experience downward pressure on their wages. this may, in turn, have a restraining effect on inflation. globalisation, the acceleration of international trade and the integration of china and other developing countries into the world economy, has been an important underlying trend in the global economy and will probably remain so in the coming period. like digitisation, globalisation affects the economy through many different channels. perhaps the one that has been most in focus in the discussions on inflation is the downward pressure that results from industrialised nations increasingly importing cheaper goods from, for instance, china. 13 this essentially concerns cutting the price of import goods relative to prices of domesticallyproduced goods, while inflation is a change in the general price level that affects all prices. however, cuts in the price of a certain product can have an impact on average consumer prices during a period of time, in the same way as when the developments in digital technology make some products cheaper. from this perspective, increased imports from china and other iow - wage countries can have a directly dampening effect on inflation in the short and medium - terms. 14 there are probably reasons why the idea of lowering the inflation target has been put forward mainly in sweden. swedish inflation fell to low levels somewhat earlier than inflation in many other countries. another important piece