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:
| COUNTRY |
CENTRAL BANK |
TARGET |
2017 |
| ALBANIA |
Bank of Albania |
3.00% +/-1% |
3.00% +/-1% |
| ARGENTINA |
Central Bank of Argentina |
15.00% 8) |
12%-17% 8) |
| ARMENIA |
Central Bank of Armenia |
4.00% +/-1.5% |
4.00% +/-1.5% |
| AUSTRALIA |
Reserve Bank of Australia |
2.00% - 3.00% |
2.00% - 3.00% |
| AZERBAIJAN |
Central Bank of the Rep. of
Azerbaijan |
6.00%-8.00% |
monetary base |
| BANGLADESH |
Bangladesh Bank |
6.00% +/-1.0% |
6.00% +/-1.0% |
| BELARUS |
National Bank of the Rep. of
Belarus |
max. 6.00% 2) |
9% 2) |
| BOTSWANA |
Bank of Botswana |
3.00% - 6.00% |
3.00% - 6.00% |
| BRAZIL |
Central Bank of Brazil |
4.50% +/-1.50% |
4.50% +/-1.50% |
| CANADA |
Bank of Canada |
2.00% +/-1.0% |
2.00% +/-1.0% |
| CHILE |
Central Bank of Chile |
3.00% +/-1.0% |
3.00% +/-1.0% |
| CHINA |
People's Bank of China |
around 3.00% 9) |
around 3.00% 9) |
| COLOMBIA |
Central Bank of Colombia |
3.00% +/-1.0% |
3.00% +/-1.0% |
| COSTA
RICA |
Central Bank of Costa Rica |
3.00% +/-1.0% |
3.00% +/-1.0% |
| CZECH
REPUBLIC |
Czech National Bank |
2.00% +/-1.0% |
2.00% +/-1.0% |
| DOMINICAN
REPUBLIC |
Central Bank of the Dominican
Repl. |
4.00% +/-1% |
4.00% +/-1% |
| EGYPT |
Central Bank of Egypt |
13.0% +/-3% 13) |
13.0% +/-3% 13) |
| EURO
AREA |
European Central Bank |
<2.00% 11) |
<2.00% 11) |
| GEORGIA |
National Bank of Georgia |
5.00% 6) |
5.00% 6) |
| GHANA |
Bank of Ghana |
8.00% +/-2.0% |
8.00% +/-2.0% |
| GUATEMALA |
Bank of Guatemala |
4.00% +/-1.0% |
4.00% +/-1.0% |
| HUNGARY |
Central Bank of Hungary |
3.00% +/-1.0% |
3.00% +/-1.0% |
| HONDURAS |
Central Bank of Honduras |
4.00%+/-1.0% 15) |
4.00%+/-1.0% 15) |
| ICELAND |
Central Bank of Iceland |
2.50% |
2.50% |
| INDIA |
Reserve Bank of India |
4.00% +/-2.0% |
4.00% +/-2.0% |
| INDONESIA |
Bank Indonesia |
4.00% +/-1.0% |
4.00% +/-1.0% |
| ISRAEL |
Bank of Israel |
1.00% - 3.00% |
1.00% - 3.00% |
| JAMAICA |
Bank of Jamaica |
4.0%-6.0% |
4.0%-6.0% |
| JAPAN |
Bank of Japan |
2.00% |
2.00% |
| KAZAKHSTAN |
National Bank of Kazakhstan |
5.00%-7.00% 7) |
6.00%-8.00% 7) |
| KENYA |
Central Bank of Kenya |
5.00% +/-2.50% |
5.00% +/-2.50% |
| KYRGYZSTAN |
National Bank of the Kyrgyz
Republic |
7.00% |
7.00% |
| MALAWI |
Resserve Bank of Malawi |
14.2% 3) |
14.2% 3) |
| MEXICO |
Bank of Mexico |
3.00% +/-1.0% |
3.00% +/-1.0% |
| MOLDOVA |
National Bank of Moldova |
5.00% +/-1.5% |
5.00% +/-1.5% |
| MONGOLIA |
Bank of Mongolia |
<8.00% +/-2% 12) |
<8.00% +/-2% 12) |
| MOZAMBIQUE |
Bank of Mozambique |
5.60% |
5.60% |
| NEPAL |
Nepal Rastra Bank |
7.00% |
7.00% |
| NEW
ZEALAND |
Reserve Bank of New Zealand |
2.00% +/-1.0% |
2.00% +/-1.0% |
| NIGERIA |
Central Bank of Nigeria |
6.00% - 9.00% |
6.00% - 9.00% |
| NORWAY |
Norges Bank |
2% 16) |
2.50% |
| PAKISTAN |
State Bank of Pakistan |
6.00% 4) |
6.00% 4) |
| PARAGUAY |
Central Bank of Paraguay |
4.00% +/-2.0% |
4.00% +/-2.0% |
| PERU |
Central Reserve Bank of Peru |
2.00% +/-1% |
2.00% +/-1% |
| PHILIPPINES |
Bangko Sentral ng Pilipinas |
3.00% +/- 1.0 |
3.00% +/- 1.0 |
| POLAND |
National Bank of Poland |
2.50% +/-1.0% |
2.50% +/-1.0% |
| ROMANIA |
National Bank of Romania |
2.5% +/-1.0% |
2.5% +/-1.0% |
| RUSSIA |
Bank of Russia |
4.00% |
4.00% |
| SAMOA |
Central Bank of Samoa |
3.00% |
3.00% |
| SERBIA |
National Bank of Serbia |
3.00% +/-1.5% |
3.00% +/-1.5% |
| SOUTH
AFRICA |
South African Reserve Bank |
3.00% - 6.0% |
3.00% - 6.0% |
| SOUTH
KOREA |
Bank of Korea |
2.00% 5) |
2.00% 5) |
| SRI
LANKA |
Central Bank of Sri Lanka |
3.00% - 5.0% |
3.00% - 5.0% |
| SWEDEN |
The Riksbank |
2.00% |
2.00% |
| SWITZERLAND |
Swiss National Bank |
<2.00% |
<2.00% |
| TANZANIA |
Bank of Tanzania |
0.0%-5.0% 10) |
0.0%-5.0% 10) |
| THAILAND |
Bank of Thailand |
2.50% +/-1.5% |
2.50% +/-1.5% |
| TURKEY |
Central Bank of Republic of
Turkey |
5.00% +/-2% |
5.00% +/-2% |
| UGANDA |
Bank of Uganda |
5.00% +/-2.0% |
5.00% +/-2.0% |
| UKRAINE |
National Bank of Ukraine |
5.00 +/- 1% 1) |
5.00 +/- 1% 1) |
| UNITED
KINGDOM |
Bank of England |
2.00% |
2.00% |
| URUGUAY |
Central Bank of Uruguay |
3.00% - 7.00% |
3.00% - 7.00% |
| USA |
Federal Reserve |
2.00% |
2.00% |
| VIETNAM |
State Bank of Vietnam |
5.00% |
5.00% |
| WEST AFRICAN STATES |
Central Bank of West African States |
2.00% +/-1% |
2.00% +/-1% |
| ZAMBIA |
Bank of Zambia |
9.00% |
9.00% |
|
|
|
|
| NOTES: |
|
|
|
| 1)
Slowdown path: 8.0% (+/-2%) December 2017, 6.0% (+/-2%) December 2018, 5.0%
(+/-1%) December 2019 |
|
|
|
| 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)
10.0% for 2019, 5.0% for 2020 |
|
|
| 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) target for 2017/18 |
|
|
|
| 16)
As of March 2, 2018 |
|
|
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
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