In the following question two sentences are given which are fragmented into seven phrases denoted by (A), (B), (C), (D), (E), (F) and (G). By using all the seven phrases, each only once, you have to frame two meaningful and grammatically correct sentences. The correct order of the phrases is your answer.

I) has hovered above the upper tolerance band for some months, (A)/ in the initial meetings, the MPC noted that while the inflation (B)/ which were expected to be transitory (C)/ it was largely driven by adverse supply shocks (D)

II) aggregate demand was progressively improving (E)/ the outlook for (F)/ but capacity utilization rates were low (G).