It has an immediate effect on prices, which has an immediate effect on inflation.
The distinction we would draw is that in the short term, it's going to raise the price of fuel, and fuel is one of the items that feeds into the CPI. What the governor was talking about, which we are going to watch for, is whether over time, if fuel stays high.... As we talked about earlier, fuel is an input to other products, so if that increase in fuel price starts to feed into the price of other products, which then feeds into the price of other products and starts to feed into inflation expectations, that's what we mean by persistent inflation.