As it takes some time for monetary policy to have an impact on economic activity and prices, it is exceptional for the central bank to make such a strong commitment that is based on the observed CPI. Through this exceptional commitment, the Bank aims to enhance the credibility of achieving 2 percent among the public. Let me elaborate on this point.
Consumption growth per person was consistently strong; it was faster than over the preceding years and faster than over recent years. This is true for both retail trade and for the consumption of services. Graph 1  The second graph is really a corollary of the first and is of the household saving rate (Graph 2).