Our inflation rate views are at the macro level. i.e. we wouldn’t apply different rates to different aircraft. We produce all our future forecasts at a 0% constant rate of inflation and we currently take 2% as our baseline inflation rate assumption to apply to all assets but that sits alongside our 0%. We do limit the range of inflation rates that users can pick for our appraisals to between 0 and 3%, as outside 3% the assumptions we use to create our 0% future values wouldn’t be representative. We have different 0% future value projections for each aircraft type/value subseries, which is arguably how we might see the difference in the impact of inflation affecting different aircraft types in real terms.
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