We think of “data” in the broader sense of all pieces of information on a collective basis that in our judgement may have a bearing on the inflation trajectory in the medium term, rather than only in a narrower sense of looking at individual economic indicators as they are released.
The latter would invariably embed a “behind-the-curve bias”, which, given the lags with which monetary policy works, would be contrary to the principle of needing to adopt a forward looking approach to monetary policy formulation, and also reduce policy flexibility. 14  8  Monetary Policy Review, SARB, November 2015.