Its 1–3 percent target range has been fixed since 2000. In addition, since 2012, its inflation target definition has been clarified further by adding the expression “with a focus on keeping future average inflation near the 2 percent target midpoint” to the existing 1–3 percent target range. Similarly, Australia’s inflation target range of 2–3 percent is also defined as a medium-term average.
In East Asia, South Korea set its inflation target range for 2013–2015 at 2.5–3.5 percent under a medium-term inflation-target setting system adopted in 2004 (prior to that, it set an inflation target annually). In 2012, Indonesia set its inflation target range at 4.5 percent ±1 percentage point for 2012–2014, and 4 percent ±1 percentage point for 2015.