12 Moreover, our experience has been that commodity-price inflation has been one of the least persistent forms of inflation. As a consequence, in the pursuit of our 2 per cent target for total CPI, we use our core measure as an operational guide.
The agreement for the sale of three of these banks to UBI Banca has been signed and the negotiations for the sale of Nuova Cassa di Risparmio di Ferrara to Banca Popolare dell’Emilia Romagna are at an advanced stage. The sizeable cost of these operations has been borne by the National Resolution Fund and therefore by the banking system.