Second, we decided that we will take account of the cost of owner-occupied housing when assessing price pressures. This would better reflect people’s experience of inflation (as we heard when we consulted the public last year). We also laid out a roadmap for how to include these costs in our target measure of inflation.
Ultimately, this is a decision for the European Statistical System but, in the meantime, we will use standalone data on housing costs to inform our monetary policy assessments. Third, climate change has been a key issue in our review.