And so, in 1991, Canada became an inflation-targeting pioneer. Over time, the broad parameters of our approach have not changed. For the first three years, we had inflation-reduction targets, with a goal of bringing inflation down to 2 per cent. We succeeded. Since 1995, we have aimed to keep inflation at the 2 per cent midpoint of a 1 to 3 per cent range.
Importantly, we approach the target symmetrically. Given the experiences of countries who have struggled with deflation, we are just as concerned about inflation below our target as above it. We want businesses and consumers to be able to make long-term plans with certainty. Reaping the Rewards As it turned out, the framework worked better than we could have reasonably hoped. Check the numbers.