Main change is new risks. Inflation is under control at 2.4%. Oil up 8%, dollar stronger 2%, so in peso terms oil is 10% higher. 10% is manageable. If it goes up 50%, we have to deal with it strongly.

That price of oil will begin to have effects on prices of many other things, something we have to worry about for inflation.

Main effect would be inflation. It's a supply shock, we don't have major tools to control it. Possible at $100/barrel we begin to breach our tolerance range. We breach 4%, then we have to do something with monetary policy.

We might have to tighten. If oil prices rise sharply and persistently, then we have work to do.