The central bank kept rates unchanged, and since any other step would have been a huge surprise, the decision itself had no impact on prices. The communiqué was a bit more cautious than in June largely because of the well flagged and widely expected upward revision of the April inflation projection (by roughly 0.3 percentage points in the forecast horizon) but otherwise the tone and even the wording changed very little compared to last months meeting. Again weight was put on the potential inflationary pressure coming from the increased risk of excessive wage demands in the public sector and robust economic growth driven by domestic demand. The Council added that both core inflation and inflation expectations were subdued - a clear sign showing that inflationary pressure remained low.