espana finds that indirect effects from a gas price shock are quite persistent, peaking after one year5. considering this historical evidence for the euro area, even if gas prices have returned to levels close to those at the start of the war in ukraine, the upward effects of gas prices on core inflation could still be significant in the short term. however, if the significant reduction in gas prices continues, it should be expected to gradually begin to trigger reverse transmission effects. consequently, at the current the remaining 30 % is the part that the mo del canno t identify as a demand o r supply co mpo nent. it is an unexplained co mpo nent that sho uld not be given an interpretatio n under the appro ach used. bo rrallo, f., l. cuadro - saez and j. j. perez ( 2022 ). “ rising food co mmodity prices and their pass - thro ugh to euro area co nsumer prices ”, analytical articles, economic bulletin 3 / 2022, banco de espana. lo pez, l., s. parraga and d. santabarbara ( 2022 ). “ the pass - thro ugh of higher natural gas prices to inflation in the euro area and in spain ”, bo x 4, “ quarterly repo rt o n the spanish eco no my ”, economic bulletin 3 / 2022, banco de espana. juncture, we could well be at some sort of crossroads, where the lagged effects of the past increases in commodity prices would still be present, but diminishing, and the first effects of the most recent decreases would be emerging and on the rise. 6 in this regard, the symmetry of the downward response is also an open question. some support for this hypothesis can be found in recent developments in upstream stages of the price formation process. in particular, non - energy industrial consumer prices are still accelerating ( as the flash estimate for january shows ). however, industrial prod ucer prices ( excluding energy ) have decelerated significantly since last spring and this deceleration is rather widespread among components. in any case, the transmission and broadening of inflationary pressures is occurring at different speeds and intensities across expenditure components. pressures on underlying inflation have so far been highly concentrated in particular expenditure items like household equipment and maintenance, transport, and activities involving more social contact. some of their prices

tarisa watanagase : inflation targeting – a reflection on thailand ’ s experience opening remarks by dr tarisa watanagase, governor of the bank of thailand, at the bank of thailand ’ s international symposium on “ challenges to inflation targeting in emerging market countries, ” bangkok, 13 november 2006. * * * honorable guests, distinguished participants, ladies and gentlemen, first, i would like to extend a very warm welcome to all of you here today. this is the second time that the bank of thailand organizes a symposium at an international level. our first international symposium, “ practical experiences on inflation targeting, ” was held in october 2000, a few months after we had adopted inflation targeting as a new monetary policy framework for thailand. but this symposium today is the first one that brings together central bank governors, senior central bank executives, world - renowned academics and policy experts from leading international organizations. many of you have extremely tight schedules and some have to travel a very long distance. i would like to express our great appreciation for your presence and very much hope that what we will learn together in this symposium is beneficial to all of us. ladies and gentlemen, thailand formally adopted inflation targeting as a monetary policy framework on may 23, 2000. the change in policy regime was a result of our search for an appropriate nominal anchor after the floating of the thai baht in july 1997. in the interim period, we used monetary aggregates as our policy target. it was during that time that we came to recognize that the relationship among monetary aggregates, inflation, and output in thailand did not have sufficient stability and predictability to make monetary aggregates a good nominal anchor of our monetary policy. inflation targeting then appeared as a natural choice for our new monetary policy regime. from that day onward, price stability has become the bank of thailand ’ s overriding policy objective. the core inflation rate was, as it is now, to be kept within a 0 - 3. 5 percent range. when thailand adopted an inflation target some six years ago, the policy regime was a relatively uncharted territory for emerging market economies. although the history of inflation targeting dates back to 1990 with the adoption of an inflation target by the reserve bank of new zealand, prior to 1998, inflation targeting was pursued mostly by developed economies. the first substantial crosscountry study of inflation targeting, published by ben bernanke, thomas laubach, frederick mishkin and adam posen, who is here today, in 1999,