Inflation Targets

Central Bank News publishes inflation targets for central banks as a complement to the Global Interest Rate Monitor (GIRM). Price stability is a common goal for central banks with some inflation targets set by governments while other targets are set by central banks. Other goals may include maximizing economic growth, optimal employment, exchange rate stability and financial stability. See Wikipedia entry on inflation targeting for a primer.

Inflation Targets Table for 2018:

COUNTRYCENTRAL BANKTARGET2017
ALBANIABank of Albania3.00% +/-1%3.00% +/-1%
ARGENTINACentral Bank Rep. Argentina0% m. base 8)12.0-17.0%
ARMENIACentral Bank of Armenia4.00% +/-1.5%4.00% +/-1.5%
AUSTRALIAReserve Bank of Australia2.00% - 3.00%2.00% - 3.00%
AZERBAIJANCentral Bank of the Rep. of Azerbaijan6.00%-8.00%monetary base
BANGLADESHBangladesh Bank6.00% +/-1.0%6.00% +/-1.0%
BELARUSNational Bank of the Rep. of Belarusmax. 6.00% 2)9% 2)
BOTSWANABank of Botswana3.00% - 6.00%3.00% - 6.00%
BRAZILCentral Bank of Brazil4.50% +/-1.50%4.50% +/-1.50%
CANADABank of Canada2.00% +/-1.0%2.00% +/-1.0%
CHILECentral Bank of Chile3.00% +/-1.0%3.00% +/-1.0%
CHINAPeople's Bank of Chinaaround 3.00% 9)around 3.00% 9)
COLOMBIACentral Bank of Colombia3.00% +/-1.0%3.00% +/-1.0%
COSTA RICACentral Bank of Costa Rica3.00% +/-1.0%3.00% +/-1.0%
CZECH REPUBLICCzech National Bank2.00% +/-1.0%2.00% +/-1.0%
DOMINICAN REPUBLICCentral Bank of the Dominican Repl.4.00% +/-1%4.00% +/-1%
EGYPTCentral Bank of Egypt13.0% +/-3% 13)13.0% +/-3% 13)
EURO AREAEuropean Central Bank  <2.00% 11) <2.00% 11)
GAMBIACentral Bank of the Gambia 5.00%5.00%
GEORGIANational Bank of Georgia5.00% 6)5.00% 6)
GHANABank of Ghana8.00% +/-2.0%8.00% +/-2.0%
GUATEMALABank of Guatemala 4.00% +/-1.0%4.00% +/-1.0%
HUNGARYCentral Bank of Hungary3.00% +/-1.0%3.00% +/-1.0%
HONDURASCentral Bank of Honduras4.00%+/-1.0% 4.00%+/-1.0% 15)
ICELANDCentral Bank of Iceland2.50%2.50%
INDIAReserve Bank of India4.00% +/-2.0%4.00% +/-2.0%
INDONESIABank Indonesia4.00% +/-1.0%4.00% +/-1.0%
ISRAELBank of Israel1.00% - 3.00%1.00% - 3.00%
JAMAICABank of Jamaica4.0%-6.0%4.0%-6.0%
JAPANBank of Japan2.00%2.00%
KAZAKHSTANNational Bank of Kazakhstan5.00%-7.00% 7)6.00%-8.00% 7)
KENYACentral Bank of Kenya5.00% +/-2.50%5.00% +/-2.50%
KYRGYZSTANNational Bank of the Kyrgyz Republic7.00%7.00%
MALAWIResserve Bank of Malawi14.2% 3)14.2% 3)
MEXICOBank of Mexico3.00% +/-1.0%3.00% +/-1.0%
MOLDOVANational Bank of Moldova5.00% +/-1.5%5.00% +/-1.5%
MONGOLIABank of Mongolia<8.00% +/-2% 12)<8.00% +/-2% 12)
MOZAMBIQUEBank of Mozambique5.60%5.60%
NEPAL Nepal Rastra Bank7.00%7.00%
NEW ZEALANDReserve Bank of New Zealand2.00% +/-1.0%2.00% +/-1.0%
NIGERIACentral Bank of Nigeria6.00% - 9.00%6.00% - 9.00%
NORWAYNorges Bank 2.00% 15)2.50%
PAKISTANState Bank of Pakistan6.00% 4)6.00% 4)
PARAGUAYCentral Bank of Paraguay4.00% +/-2.0%4.00% +/-2.0%
PERUCentral Reserve Bank of Peru2.00% +/-1%2.00% +/-1%
PHILIPPINESBangko Sentral ng Pilipinas3.00% +/- 1.03.00% +/- 1.0
POLANDNational Bank of Poland2.50% +/-1.0%2.50% +/-1.0%
ROMANIANational Bank of Romania2.5% +/-1.0%2.5% +/-1.0%
RUSSIABank of Russia4.00%4.00%
SAMOACentral Bank of Samoa3.00%3.00%
SERBIANational Bank of Serbia3.00% +/-1.5%3.00% +/-1.5%
SOUTH AFRICASouth African Reserve Bank 3.00% - 6.0%3.00% - 6.0%
SOUTH KOREABank of Korea 2.00% 5)2.00% 5)
SRI LANKACentral Bank of Sri Lanka3.00% - 5.0%3.00% - 5.0%
SWEDENThe Riksbank2.00%2.00%
SWITZERLANDSwiss National Bank <2.00%<2.00%
TAJIKISTANNational Bank of Tajikistan7.00% +/-2.0% 16)7.00% +/-2.0%
TANZANIABank of Tanzania0.0%-5.0% 10)0.0%-5.0% 10)
THAILANDBank of Thailand2.50% +/-1.5%2.50% +/-1.5%
TURKEYCentral Bank of Republic of Turkey5.00% +/-2%5.00% +/-2%
UGANDABank of Uganda5.00% +/-2.0%5.00% +/-2.0%
UKRAINENational Bank of Ukraine5.00 +/- 1% 1)5.00 +/- 1% 1)
UNITED KINGDOMBank of England2.00%2.00%
URUGUAYCentral Bank of Uruguay3.00% - 7.00%3.00% - 7.00%
USAFederal Reserve2.00%2.00%
VIETNAMState Bank of Vietnam5.00%5.00%
WEST AFRICAN STATESCentral Bank of West African States2.00% +/-1%2.00% +/-1%
ZAMBIABank of Zambia9.00%9.00%
NOTES:
1) Slowdown path: 6.5% ( +/-2%), Q3 2018, 5.0% (+/-1%) medium-term
2) 5% by end-2020
3)  Target for June 2016 implies measures to reach avg. 21% for calendar yr
4) Target for fiscal 2017/18
5) Target for 2016-2018
6) 4.0% target 2017, 3.0% later years
7) 5%-7% by end-2018, 4%-6% end-2019, below but close to 4% by end-2020
8) ) Zero growth in monetary base as of Sep. 26, 2018.
9) CCP National Congress
10) Longer-term average
11) below, but close to, 2% over medium term
12) target for 2017-2019
13) target for Q4 2018, single digits thereafter
14) target for 2017/18
15) As of March 2, 2018
16) target for 2020: 6.0% +/-2%

CentralBankNews.info makes every effort to ensure accuracy of the information in the above table at the time of publication, however as policy, rates and mechanisms change over time we cannot guarantee the accuracy of the information above. If you have any corrections to make please contact us. You may replicate the table above in full but under the strict condition that you cite CentralBankNews.info as the source, and if online, provide a link back to www.centralbanknews.info