This means that decisions to raise the rate or to pause and assess the impact of past rate increases will depend on incoming data and our judgments about the outlook for inflation. We are trying to balance the risks of over- and under-tightening monetary policy.
According to the latest data, it was equal to 73 per cent in 2017, around ten percentage points above the level recorded in the early 1980s. There are three main drivers of this development. The first is the growing involvement of women in market work.