In other words, we cannot say what the appropriate growth of household consumption spending should be, as it would need to be seen in the context of the behaviour of the other factors that determine the inflation rate. Monetary policy-making is not a simple matter of adjusting an interest rate lever in an automatic way.
Because monetary policy has to be forward-looking, and because the future is inherently uncertain, we have to make decisions on the basis of our best estimates of the most likely outcomes. Despite these difficulties, we will continue to strive to achieve our mandate and bring inflation back to within the inflation target range.