It should be noted that the qualitative improvement in products due to technological innovation has been captured more appropriately and reflected in GDP data since 2000 when the wholesale price index (WPI) was changed to the CGPI.
First, convergence: headline inflation will have to be on course to reach levels below, but close to, 2% by the end point of a meaningful medium-term horizon. Two things are noteworthy here: the salience of our inflation aim and the forward-looking perspective.