Indeed, we are of the firm view that the best contribution that the Bank (through monetary policy) can make towards the attainment of high and sustainable rates of economic growth and employment creation is keeping inflation at low levels thus contributing to the achievement and maintenance of overall macroeconomic stability.
We target the inflation rate and not any other economic variable and currently our key task is to maintain CPIX inflation – that is headline inflation less mortgage interest costs – within a range of between 6 to 3 per cent. Since September 2003, CPIX inflation has been contained within this range and has averaged 4, 0 per cent for the past two years.