I was a bit surprised by one of the lines in the underlying inflation section of your report. You describe how inflation has edged down. In one bullet, you refer to past cost pressures from high global shipping costs. You cite severe weather, which had less of an impact during the period examined than during the previous period. That makes me think about extreme weather events, climate change and so forth.
More broadly, however, I'd like you to explain how the frequency of those events in a given period impacts production costs, productivity and underlying inflation. I'd like to understand how that works on a more technical level.
