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.

Central Bank News Inflation Targets Table for 2015:

ALBANIA Bank of Albania 3.00% +/-1%
ARMENIA Central Bank of Armenia 4.00% +/-1.5%
AUSTRALIA Reserve Bank of Australia 2.00% - 3.00%
AZERBAIJAN Central Bank of the Rep. of Azerbaijan 5.00% - 6.00%
BANGLADESH Bangladesh Bank 6.50%
BELARUS National Bank of the Rep. of Belarus 12.00%
BOTSWANA Bank of Botswana 3.00% - 6.00%
BRAZIL Central Bank of Brazil 4.5% +/-2.0%
CANADA Bank of Canada 2.0% +/-1.0%
CHILE Central Bank of Chile 3.00% +/-1.0%
CHINA People's Bank of China 4.00%
COLOMBIA Central Bank of Colombia 3.00% +/-1.0%
CZECH REPUBLIC Czech National Bank 2.00% +/-1.0%
DOMINICAN REPUBLIC Central Bank of the Dominican Repl. 4% +/-1%
EURO AREA European Central Bank  <2.00%
GEORGIA National Bank of Georgia 6.00%
GHANA Bank of Ghana 8.00% +/-2.0%
HUNGARY Central Bank of Hungary 3.00%
ICELAND Central Bank of Iceland 2.50%
INDIA Reserve Bank of India 8% 3)
INDONESIA Bank Indonesia 4.0% +/-1.0%
ISRAEL Bank of Israel 1.00% - 3.00%
JAPAN Bank of Japan 2.00%
KENYA Central Bank of Kenya 5.0% +/-2.50%
KYRGYZSTAN National Bank of the Kyrgyz Republic 7.00%
MEXICO Bank of Mexico 3.00% +/-1.0%
MOLDOVA National Bank of Moldova 5.00% +/-1.5%
MONGOLIA Bank of Mongolia 7.00%
MOZAMBIQUE Bank of Mozambique 6.00%
NEW ZEALAND Reserve Bank of New Zealand 2.00% +/-1.0%
NIGERIA Central Bank of Nigeria 6.00% - 9.00%
NORWAY Norges Bank  2.50%
PAKISTAN State Bank of Pakistan 8.00%
PERU Central Reserve Bank of Peru 2.00% +/-1%
PHILIPPINES Bangko Sentral ng Pilipinas 3.0% +/- 1.0
POLAND National Bank of Poland 2.5% +/-1.0%
ROMANIA National Bank of Romania 2.5% +/-1.0%
RUSSIA Bank of Russia 4.5% 1)
SAMOA Central Bank of Samoa 3.00%
SERBIA National Bank of Serbia 4.00% +/-1.5%
SOUTH AFRICA South African Reserve Bank  3.0% - 6.0%
SOUTH KOREA Bank of Korea  2.5% - 3.5%
SRI LANKA Central Bank of Sri Lanka 3.0% - 5.0%
SWEDEN The Riksbank 2.00%
SWITZERLAND Swiss National Bank  <2.00%
THAILAND Bank of Thailand 2.5% +/-1.5%
TURKEY Central Bank of Republic of Turkey 5.00%
UGANDA Bank of Uganda 5.00%
UKRAINE National Bank of Ukraine 9% 2)
UNITED KINGDOM Bank of England 2.00%
URUGUAY Central Bank of Uruguay 3.00% - 7.00%
USA Federal Reserve 2.00%
VIETNAM State Bank of Vietnam 7.00%
WEST AFRICAN STATES Central Bank of West African States 2.00% +/-1%
ZAMBIA Bank of Zambia 7.00%
1) +/- 1.5 pct point uncertainty band
2) 3.0%-5.0% by 2018
3) 6.00% by Jan 2016 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 as the source, and if online, provide a link back to