6 This great improvement in energy efficiency was less the result of government programs than of steps taken by households and businesses in response to higher energy prices, including substantial investments in more energy-efficient equipment and means of transportation.
Of course, during our deliberations Governing Council also discussed the Bank’s ultimate mission—inflation control. Our core inflation measures have averaged close to 2 percent in recent quarters. Total inflation will likely dip in the upcoming months due to the dynamics of gasoline prices and some other temporary factors.