Option 1 suggests that nominal interest rates decreased at a constant rate from February 1992 to September 1993. However, without looking at the chart, we cannot confirm this statement.

Option 2 posits that inflation consistently decreased throughout this period. The correct answer implies that this statement is true, meaning that the subtraction of a decreasing inflation rate from the nominal interest rate led to the observed changes in real interest rates.

Option 3 states that, despite nominal interest rates declining steadily throughout this time, real interest rates have been consistently increasing. This could only occur if inflation were decreasing at a faster rate than nominal interest rates, which must be true given that this is the correct answer.

Option 4 suggests that the nominal rate and real rate are likely to equalize in 1994. This statement is speculative and not necessarily supported by the data in the chart.

Therefore, Option 2 offers the most accurate interpretation, as it is supported by the fact that the correct answer implies a steadily decreasing inflation rate.