one other member argued that downside risks to the future growth and price paths were high, taking into account that although economic activity was expected to follow the path forecast in july, downside risks to the growth path for the second half had increased due to a prolonged slump in exports and the manufacturing industry, and considering that although consumer price inflation was judged to be falling somewhat short of the path forecast in july due mainly to the decline in international oil prices, core inflation was holding to the original forecast path, and keeping in mind that the slack in the production sector and the overall spare capacity in the labor market had expanded somewhat.