Ottawa, Ontario –
The Bank of Canada today released the document Renewal of the Inflation-Control Target: Background Information, which summarizes the key elements of Canada’s inflation-targeting framework. The document describes Canada’s 20-year experience with inflation targeting, provides a detailed explanation of the Bank’s flexible approach to inflation targeting, and discusses the results of the Bank’s research program since the previous renewal in 2006.
This release follows the 8 November announcement by the Government of Canada and the Bank of Canada that the inflation-control target agreement has been renewed for five years, to the end of 2016. Under the agreement, the Bank will continue to conduct monetary policy aimed at keeping inflation, as measured by the total consumer price index (CPI), at 2 per cent, with a control range of 1 to 3 per cent around this target.
Highlights of the Background Information document include:
Inflation targeting has served the Canadian economy well.
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