Despite significant economic shocks over the past two years, inflation remains in single-digit territory, and has trended down between September last year and the end of the review quarter. Headline inflation stood at 8.0 per cent at the end of June 2014, down from 8.8 per cent at the same point last year, and down from 8.3 per cent at the end of March 2014. Not the least of these shocks has been the 13.3 per cent and 10.8 per cent depreciation in the exchange rate in
the last two fiscal years, respectively. Additionally, there was the 25.0 per cent increase in bus and taxi fares last year

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