Third I think. First is the inflation rate itself (some positive number around 8%), second is how that rate is changing (some positive number meaning we expect the inflation rate itself to increase next interval) third is how that change itself is trending (negative I think? meaning that we'd expect the still overall positive increase to the base inflation rate to be somewhat less than it was in the previous interval).

Take that with a grain of salt, I'd welcome any corrections if some one sees fit.