Consumer prices index in March decreased by 0.1% m/m in line with our estimate. Year-on-year inflation remained flat at 2.8%. Price level trend was moved only by winter holiday prices which usually drop at the end of season. Demand inflation pressures, measured by corrected inflation without fuel prices, remain under control. This trend should not lead to change in monetary policy and in the near term rates will most likely not change but they could rise in the second half of the year by 25 bps.