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.

COUNTRYCENTRAL BANK20212020
ALBANIABank of Albania3.00% +/-1%3.00% +/-1%
ARGENTINA 3)Central Bank Rep. Argentina0% mon. base 0% mon. base 
ARMENIACentral Bank of Armenia4.00% +/-1.5%4.00% +/-1.5%
AUSTRALIAReserve Bank of Australia2.00% - 3.00%2.00% - 3.00%
AZERBAIJANC.B. of Rep. of Azerbaijan4.00% +/-2.0%4.00% +/-2.0%
BANGLADESH 10)Bangladesh Bank5.40%5.50%
BELARUS  19)N.B. of Rep. of Belarus5.00%max. 5.00% 
BOTSWANABank of Botswana3.00% - 6.00%3.00% - 6.00%
BRAZIL 12)Central Bank of Brazil3.75% +/-1.5%4.00% +/-1.5%
CANADABank of Canada2.00% +/-1.0%2.00% +/-1.0%
CHILECentral Bank of Chile3.00% +/-1.0%3.00% +/-1.0%
CHINA 5)People's Bank of Chinaaround 3.00%around 3.00%
COLOMBIACentral Bank of Colombia3.00% +/-1.0%3.00% +/-1.0%
DEM. REP. CONGOCentral Bank of Congo7.00%7.00%
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 REP.C.B. of Dominican Repl.4.00% +/-1%4.00% +/-1%
EGYPT 7)Central Bank of Egypt7.00% +/-2%9.0% +/-3% 
ESWATINICentral Bank of Eswatini3.00% - 7.00%3.00% - 7.00%
EURO AREA 6)European Central Bank  <2.00%  <2.00% 
GAMBIACentral Bank of the Gambia 5.00%5.00%
GEORGIANational Bank of Georgia3.00%3.00%
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% 
ICELANDCentral Bank of Iceland2.50%2.50%
INDIAReserve Bank of India4.00% +/-2.0%4.00% +/-2.0%
INDONESIA Bank Indonesia3.00% +/-1.0%3.50% +/-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%
KAZAKHSTAN 4)National Bank of Kazakhstan4.00%-6.00%4.00%-6.00%
KENYACentral Bank of Kenya5.00% +/-2.50%5.00% +/-2.50%
KYRGYZSTANN.B. of Kyrgyz Republic5.00%-7.00%5.00%-7.00%
MALAWIResserve Bank of Malawi5.00%5.00%
MEXICOBank of Mexico3.00% +/-1.0%3.00% +/-1.0%
MOLDOVANational Bank of Moldova5.00% +/-1.5%5.00% +/-1.5%
MONGOLIABank of Mongolia6.00% +/-2%<8.00% +/-2% 
MOZAMBIQUEBank of Mozambique5.60%5.60%
NEPAL Nepal Rastra Bank6.00%6.00%
NEW ZEALANDRes. 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%2.00%
PAKISTAN 2)State Bank of Pakistan6.00%6.00%
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%
RWANDANational Bank of Rwanda 5.00% +/-3%5.00% +/-3%
SAMOACentral Bank of Samoa3.00%3.00%
SERBIA 17)National 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%2.00%
SRI LANKACentral Bank of Sri Lanka4.00% - 6.00%4.00% - 6.00%
SWEDENThe Riksbank2.00%2.00%
SWITZERLANDSwiss National Bank <2.00%<2.00%
TAJIKISTAN 8)N. B. of Tajikistan7.0% +/-2.0% 7.0% +/-2.0% 
TANZANIABank of Tanzania5.00%5.00%
THAILANDBank of Thailand1.00% - 3.00%2.50% +/-1.5%
TONGANational Res. Bank of Tonga5.00%5.00%
TURKEY 18)C.B. of Rep. of Turkey5.00% +/-2%5.00% +/-2%
UGANDABank of Uganda5.00% +/-2.0%5.00% +/-2.0%
UKRAINE 1)National Bank of Ukraine5.00 +/- 1% 5.00 +/- 1% 
UNITED KINGDOMBank of England2.00%2.00%
URUGUAYCentral Bank of Uruguay3.00% - 7.00%3.00% - 7.00%
USA 16)Federal Reserve2.00%2.00%
UZBEKISTAN 15)C. B. of Rep. Of Uzbekistan5.00%5.00%
VIETNAM 9)State Bank of Vietnam<4%<4%
WEST AFRICAN STATESCentral Bank of West African States2.00% +/-1%2.00% +/-1%
ZAMBIABank of Zambia6.0% - 8.0%6.0% - 8.0%

NOTES:
1) Slowdown path: 6.3% ( +/-2%), Q4 2019, 5.0% (+/-1%) 2020 
2) Inflation targeting by 2020 
3) Zero growth in monetary base as of Sep. 26, 2018.
4) close to 4% end-2020
5) CCP National Congress, unchanged since 2015
6) below, but close to, 2% over medium term
7) on average in Q4 2022
8) target for 2020: 6.0% +/-2%
9) 14% credit growth 
10) 5.4% for FY20-21, 5.3% for FY 21-22, 5.2% FY 22-23
12) 3.75% in 2021, 3.5% in 2022, all +/-1.5 pp
13) 5.0% in 2023, 10% 2021
15) 2021 interim target below 10%, by 2023 5.0%
16) August 2020 Fed adopts flexible form of inflation targeting that seeeks inflation that averages 2% over time.
17) Until 2023
18) 9.4% inflation by end-2021, 5% in 2023
19) end-2021


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