Core CPI surprised to the downside last month, coming in 0.2 percentage points below both our own forecast and the consensus view, as surveyed by the Reuters Poll. As most of the news occurred in volatile components, including air transport and recreation, we do not read too much into the undershoot. In our central case, we expect to see a gradual decline in wage and price stickiness over the year, the start of a process which will take a long