They also argued that it now seemed that much of the recent rise in inflation had reflected higher oil and other commodity prices through the supply chain, rather than the pressure of excess demand on supply capacity. "Although output growth had so far been fairly resilient in the face of weaker consumption, GDP growth was likely to be weaker than in the May Inflation Report central projection, notwithstanding the shift in market interest rates (downwards)," the doves said, according to the minutes. "Inflation might therefore be below target in the medium term," they said. In May's Inflation Report, which incidentally was compiled by Bean, the BoE predicted that CPI inflation would rise above target in the short-term but settle back around the 2.0 pct target over the two-year horizon as growth slowed down towards the trend rate, thought to be around 2.5 pct a year. The majority on the committee agreed that the news on world demand had been slightly on the downside over the last month and that a succession of weaker surveys suggested that the risks to the near-term Inflation Report output projections were on the downside too. .They also noted that the news flow hinted at a slight easing of labour market conditions. Overall they said the two key risks identified in the May Inflation Report had concerned the outlook for consumption and the rise in CPI inflation to 1.9 pct and that these risks remained unresolved.