In October 2003, the U.K. government announced that the official inflation objective would henceforth be defined in terms of the consumer price index (CPI) and that the target would be set at 2 percent, a choice reflecting the fact that the recent average for CPI inflation had been about 1/2 percentage point lower than that of RPIX inflation.
BIS Review 35/2008  7  The euro area and Canada The importance of anchoring expectations helps explain why other central banks that initially adopted an inflation objective stated in terms of a range – even a narrow one – increasingly emphasized a single value in their communications or have replaced the range with a point objective.