3  In January 2013, the Bank set the price stability target at 2 percent in terms of the year-on-year rate of change in the CPI, and has been aiming at achieving this target at the earliest possible time.
•  Meanwhile, recent data have been consistent with the Bank’s expectation of a soft landing in the housing market and a stabilization of household indebtedness relative to income. •  Real GDP growth is projected to pick up from 1.8 per cent in 2013 to 2.5 per cent in both 2014 and 2015.