00:00Well, first of all, I've been very encouraged by the progress that we've made on inflation.
00:06I've been saying for some time that we had this, what we call, hump up this year.
00:12I thought it was going to come down, and it has, and the good news is it's actually coming down a bit faster than I think we thought it would.
00:19I'm particularly pleased because there's been an easing of food price inflation, which is really very important.
00:24I mean, all inflation is important, but we know that food is salient, it's very salient,
00:27and, of course, it hits those on lower incomes a lot as well.
00:32I think now that we're on a path where we'll probably be around this level for a few months,
00:38but we think that come the spring, April, May time, we should see another quite sharp drop and take us, I hope, to around target.
00:48So we're going to come back to target sooner than we thought, so that's encouraging.
00:51All of this is very encouraging, and for me, certainly, it was a strong basis to cut today.
00:59Okay.
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