Since 2003 the permanent objective has been 3 percent annual inflation, with a variability interval of plus or minus one percentage point around this target. The interval is not an objective or an indifference range, but a reflection of the inherent volatility of the non-core components in the National Consumer Price Index (INPC).
Throughout these years, there has been considerable progress in the convergence of general inflation towards the 3 percent target. In 2013, the Bank of Mexico lowered its policy interest rate by a total of 100 basis points in three cuts, leaving it at its current 3.5 percent.