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mpc: 26 The central projection for CPI inflation, on the market-based assumption about the path of official interest rates, was for it to remain above the 2% target in the near term. It then dipped below target, as the consequences of past oil price increases dropped out of the annual comparison and the reduced pressure of demand on supply in the first part of the projection bore down on inflation. But as output growth recovered and spare capacity was eroded, inflation moved back up to meet the target around the two-year point. The profile was slightly weaker than in August.