Thank you, Governor.
Yes indeed, that's an important distinction that one has to make between inflation, which is a change in prices, and the cost of living, which is the level of prices. As you pointed out, nobody should be hoping for a drop in prices. If prices decline, generally speaking, that's called deflation, and that's not good. That's not good at all. The way to improve affordability and the standard of living is to raise incomes. You raise incomes through greater productivity so that businesses can pay higher salaries.
You also mentioned that we are facing a structural adjustment. It's not just a cyclical change but a structural adjustment brought about by the trade shock, by the unpredictable and unjustified tariffs imposed by the U.S. administration. Perhaps you could tell us—take the time that you want—why tariffs in 2025 are a bad idea, generally speaking.