3 The range includes 0 percent, but this does not mean that the Bank is conducting monetary policy to achieve zero percent inflation. On the contrary, it should be noted that most Policy Board members' median figures fell on one side or the other of 1 percent.
As I have stated earlier, the rate of change in the CPI may temporarily be around zero or even slightly negative in the short run depending on developments in the prices of crude oil. Also, it is possible that the sensitivity of prices to higher rates of domestic resource utilization may have been reduced due to the progress of economic globalization.