Furthermore, of the peer emerging markets I mentioned earlier, we are the only one where the inflation target has not been revised down at least once. Nowadays most emerging markets have targets of around 3% or 4%. For instance, India adopted a 4% inflation target last year, and Brazil has just revised its target down to 4%.
A frank reassessment of the 3-6% inflation target – which is now almost 18 years old – would probably conclude that the target should be lower. My economists have worked on the numbers, and they report that if we want an inflation rate in line 14  This comparison uses IMF data from the April 2017 World Economic Outlook.