The major changes to the expressions regarding price stability from February 2012 are as follows. First, the Bank deleted the phrase “medium to long term”; and second, the Bank changed its wording from “goal” to “target” The changes reflect a situation in which awareness of the importance of flexibility in the conduct of inflation-targeting policy has been increasing.
In 2008, growth is projected to remain in line with the growth of potential output (estimated at 2.8 per cent), keeping the economy operating near its capacity throughout the projection period. Expressed on an average annual basis, this profile implies growth of 2.3 per cent in 2007 and 2.8 per cent in 2008.