2  BIS Review 51/2003  These targets were aimed at gradually bringing the 12-month rate of inflation down to 2 per cent, the midpoint of the inflation-control target range, by December 1995.
Given the empirical evidence for Canada, which showed that the appropriate horizon for aiming at an inflation target was about 1½ to 2 years, the first formal target was set for December 1992 at a rate of 3 per cent (plus or minus 1 per cent).