year record high of 9. 0 % in september. meanwhile, short - term inflation expectations among the general public have also steadily risen from the mid - 2 % level at the beginning of the year to the mid - to - upper - 4 % level in july. however, it has recently been fluctuating at a somewhat lower level. in contrast to this, long - term inflation expectations remain relatively stable near the inflation target of 2 %. going forward, consumer price inflation will likely remain at around 5 % for some time. however, inflation is expected to slow gradually due to heightened economic downward pressures at home and abroad, and show a further gradual decline next year, resulting 1 / 3 bis - central bankers'speeches in a pattern of a high - pace first half and a low - pace second half. however, concerning the pace of these developments, there are great uncertainties surrounding growth at home and abroad, and oil price movements. a detailed look at factors behind these uncertainties suggests that, first, various upside risks could deter the pace of this slowdown. in the international energy markets, for example, there are significant risk factors, such as a production cut by opec + and stronger sanctions on russia. still, high inflation expectations can affect wage and price setting and heighten the persistence of the current high inflation. furthermore, the size of the increase in electricity bills next year will significantly reflect the burden of rising costs accumulated so far, and is highly likely to be larger than what is reflected in our november forecast. meanwhile, we cannot rule out the possibility of a steeper slowdown in inflation. first, international oil prices have recently fallen to the 70 - dollar range due mainly to concerns about a global economic slowdown, significantly below the assumption made in our november forecast. demand - side downside pressures could also increase further, in line with an accelerated slowdown in the domestic and global economy and a contraction in real estate market activity. meanwhile, the easing of containment measures in china could act as both upward and downward pressures on inflation here, depending on whether it succeeds or not. if successful, a chinese economic recovery would pick up, which could boost international commodity prices. on the other hand, if the situation worsens, any recovery in the chinese economy would be delayed, which could aggravate the downward trend in energy prices. moreover, the possibility has been raised that changes in economic and labor market conditions may transmit differently to prices in comparison to the past. unlike in periods

##ries including introduction of an approval and registration regime. the changes made were more reflective of the risks presented by such entities, with the regulatory oversight focusing primarily on promoting professional conduct in activities that relate to businesses that are approved or registered. we had recently issued a concept paper on life insurance and family takaful framework. this framework is set to transition the life insurance and family takaful industry into a new operating environment, characterised by changing market dynamics including demand for greater transparency, and driven by advancement in technology and changing consumer behaviour. the framework ’ s main aim is to increase insurance and takaful penetration, and ensuring a fair deal to consumers. the framework is supported by three main pillars ; the liberalisation of operating limits, diversification of delivery channels and strengthening of market conduct practices. the framework will be implemented in two phases to allow the industry and the public sufficient time to adjust to the new operating environment before further liberalisation is bis central bankers ’ speeches considered. under the first phase, greater operational flexibility is given to life insurers and family takaful operators to operate in a more competitive environment and allow greater product innovation to be delivered through a wider range of delivery channels. the framework proposes for the current commission and other operating cost limits for investment - linked products to be removed. in addition, the commission limit for pure protection products, namely pure term, critical illness and medical and health is also proposed to be removed subject to certain preconditions. while allowing greater operational flexibility, the bank will ensure consumers ’ interest remains protected. among the safeguards to be introduced include requiring a certain percentage of premiums paid by policyholders in respect of investment - linked policies to be placed in the policyholders ’ unit fund in order to preserve policy values. consumers will also be given a wider choice of delivery channels to obtain insurance and takaful products. this includes the availability of additional channels so that consumers have more choices and options. in addition, the enhanced disclosure standards will increase transparency, enabling consumers to make more informed decision and become more empowered to make investment decisions over the longer term. we shall raise the level of professionalism in the industry with new requirements and expectations placed on intermediaries in their conduct of business. needless to say, that the reputation of the industry will be positive when industry players discharge their respective roles in an appropriate manner that enhance the image, integrity and professionalism of all of us here today. a good reputation is beneficial to the industry. an industry that