The central bank gradually raised its BI rate between June and November 2013 from 5.75 percent to 7.50 percent as inflation accelerated to nearly nine percent (year-on-year) after the government increased prices of subsidized fuels in late June 2013. In January 2014, inflation was still high at 8.22 percent but is showing an easing trend. The monthly inflation pace in January 2014 was 1.07 percent amid severe floods that disrupted distribution networks; a normal phenomenon in the first month of the year. The central bank still expects that this year's inflation target of 4.5 percent (plus or minus one percent) can be met.