Overall and core (excluding changes in the prices of food and energy) inflation rates are likely to be at similar rates at a horizon of five or more years. 26  Goodhart (2005).
BIS Review 95/2008  9  empirical evidence is consistent with this view: Central banks with explicit inflation objectives do not have worse outcomes for output growth and do not appear to be favoring inflation stabilization at the expense of output stabilization. Should the inflation objective be stated as a specific numerical value rather than a range?