This means that monetary policy seeks to ward off fluctuations in the overall price level, ie inflation and deflation. The objective of price stability invariably concerns the general level of prices for goods and services over the medium term.
Starting with recent price developments, the year-on-year rate of increase in the consumer price index (CPI) for April 2023 was 3.4 percent for all items less fresh food (core CPI) and 4.1 percent for all items less fresh food and energy (core-core CPI) (Chart 5).