•  The 1 to 3 percent target range remains the central focus of the Bank’s flexible inflation targeting framework, as has been the case since 2002.
The range was deliberately framed in a medium term context, with an “on average” connotation and recognized that inflation might move outside this band due to global developments in commodity markets, natural disasters, and/or government fiscal and regulatory decisions. •  The concept of a mid-point objective was introduced with the objective of helping to lower and stabilise inflation expectations close to 2 percent.