These structural features include factors such as the weight of administered prices in the inflation basket, the weight of volatile elements such as food, vulnerability to terms of trade changes, particularly in the case of commodity producers, and the impact of exchange rate volatility on the exchange rate.
Although our inflation target of between 3 and 6 per cent is higher than the advanced economy norm, this does not mean that there have not been times when there have been calls to raise the inflation target, even from the current high level, in order to bring about a looser monetary policy stance.