Our Department of Energy, for example, had baseline projections showing prices reaching $ per barrel - the equivalent of about twice that in today’s prices. The failure of oil prices to rise as projected in the late 1970s is a testament to the power of markets and the technologies they foster.
The revised drafting recognises that our inflation target is pursued in the context of the Bank’s broader objectives, including financial stability. Recent Economic Developments I would now like to turn to the recent economic data. Our economy continues its transition following the boom in commodity prices and mining investment.