8  BIS central bankers’ speeches  Main features of the inflation-targeting framework Of the six central banks that have adopted the inflation-targeting framework, five use the headline CPI as reference to inflation targets, with Thailand using the core CPI (Chart 6). Many central banks assess the underlying inflation trend by monitoring the core CPI as well.
Each of the six relevant central banks now places importance on short-term policy interest rate and uses it as the main operational target for monetary policy. As a first mover, New Zealand initially adopted a relatively rigid framework and attempted to meet price stability within a short time span.