"Against a background of weak demand pressures, inflation is expected to continue evolving at low levels, averaging 0.4% in 2020 before speeding up moderately to 1% in 2021," said the bank in a statement following its Board's third quarterly meeting of the year 2020.

The Board noted that, after its stagnation in the second quarter and its slight year-on-year decline in July, the Consumer Price Index rose by 0.9% in August as a result of higher volatile food prices. Thus, its average increase in the first eight months of the year amounted to 0.7%.