Production remains subdued, especially in energy-intensive industriesExpects to pick up in coming quartersGov'ts should continue to roll-back supportTightness in labor market is gradually decliningHighlights falling food and energy price inflation, along with goodsServices price inflation remained high in March at 4%More-recent indicators point to further moderation in wage growthInflation expected to decline to target next yearRisks to economic growth remain tilted to the downsideGrowth could be higher if inflation comes down more than expectedInflation could turn out higher if wages climb or profit margins remain elevatedIf we achieve further confidence in outlook, it would be appropriate
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