Conclusion There are four main messages that I would like you take away from this evening's presentation. First, core inflation continues to be a useful operational guide for monetary policy. Second, it is always combined with other information as a check on the current state and future direction of trend inflation. Third, CPIX has not replaced the total CPI as our official inflation target.
It is simply a tool that helps us achieve our 2 per cent objective for total CPI inflation. Finally, our continued research on this and other critical policy issues makes a vital contribution to the Bank's ability to successfully carry out its responsibilities.