But the other point is that the pressures on prices are broadening. To put this in simple numbers, 196 items out of the 315 [total consumer price index (CPI) items in January 2023] that are used to calculate the price index are above 4.0 percent, [the upper bound of the inflation target], and 123 of those [above-target CPI items] are food and beverages.
In lieu of such a standard, we flag cases in which the vulnerabilities rise well beyond historical norms, and then form judgments about the stability risks those cases present. The first vulnerability is excessive leverage in the financial sector.