*RPIX shown prior to December 2003, CPI thereafter.
Chart 1 - Target Description
Country
Description
Australia
Since April 1993, Australia has had an inflation target defined as 2 to 3% over the cycle.
Canada
The initial objective implemented in February 1991 called for a gradual reduction of inflation to 3 ± 1% by late 1992, then to 2½ ± 1% by mid-1994, and to 2 ± 1% by late 1995. In December 1993, the objective became 2 ± 1%.
Euro area
Since January 1999, the euro area has defined stability has a rise of less than 2%.
New Zealand
From January 1990 to November 1996, New Zealand had a target range of 0 to 2%. From December 1996 to November 2002, they had a target range of 0 to 3%. Since December 2002, the target range is 1 to 3%.
Norway
Since March 2001, Norway's inflation objective is 2.5 ± 1 %.
Sweden
Beginning in January 1993, Sweden has had a 2 ± 1% objective.
Switzerland
Beginning in January 1999, Switzerland defined price stability has a rise of less than 2%.
United Kingdom
From October 1992 to May 1995, the United Kingdom had a target range from 1 to 4% of RPIX inflation. From June 1995 to April 1997, it had a ceiling of 2.5%. From April 1997 to November 2003, it had a target of 2.5%. From December 2004 to present, it has had a target of 2% of CPI inflation.
Chart 2 - Inflation Panel 1
Dates
Australia CPI Inflation
1998q1
-0.17
1998q2
0.66
1998q3
1.34
1998q4
1.59
1999q1
1.24
1999q2
1.07
1999q3
1.74
1999q4
1.81
2000q1
2.78
2000q2
3.2
2000q3
6.07
2000q4
5.8
2001q1
6
2001q2
6.02
2001q3
2.5
2001q4
3.13
2002q1
2.96
2002q2
2.84
2002q3
3.17
2002q4
3.05
2003q1
3.46
2003q2
2.67
2003q3
2.58
2003q4
2.39
2004q1
1.99
2004q2
2.46
2004q3
2.32
2004q4
2.61
2005q1
2.36
2005q2
2.48
2005q3
3.02
2005q4
2.81
2006q1
2.99
2006q2
3.97
2006q3
3.92
2006q4
3.26
2007q1
2.46
2007q2
2.07
2007q3
1.84
2007q4
2.97
Chart 2 - Inflation Panel 2
Dates
Canada CPI Inflation
Jan-98
1.22
Feb-98
1.11
Mar-98
1
Apr-98
0.89
May-98
1
Jun-98
1
Jul-98
0.88
Aug-98
0.77
Sep-98
0.55
Oct-98
1.1
Nov-98
1.22
Dec-98
1.1
Jan-99
0.77
Feb-99
0.77
Mar-99
0.99
Apr-99
1.65
May-99
1.65
Jun-99
1.54
Jul-99
1.75
Aug-99
2.08
Sep-99
2.63
Oct-99
2.18
Nov-99
2.29
Dec-99
2.62
Jan-00
2.4
Feb-00
2.72
Mar-00
3.04
Apr-00
2.05
May-00
2.27
Jun-00
2.92
Jul-00
3.02
Aug-00
2.47
Sep-00
2.57
Oct-00
2.88
Nov-00
3.31
Dec-00
3.19
Jan-01
2.98
Feb-01
2.76
Mar-01
2.43
Apr-01
3.6
May-01
3.91
Jun-01
3.25
Jul-01
2.62
Aug-01
2.83
Sep-01
2.61
Oct-01
1.87
Nov-01
0.62
Dec-01
0.72
Jan-02
1.34
Feb-02
1.55
Mar-02
1.75
Apr-02
1.74
May-02
1.02
Jun-02
1.22
Jul-02
2.24
Aug-02
2.55
Sep-02
2.44
Oct-02
3.26
Nov-02
4.31
Dec-02
3.89
Jan-03
4.38
Feb-03
4.57
Mar-03
4.25
Apr-03
2.81
May-03
2.72
Jun-03
2.71
Jul-03
2.19
Aug-03
2.09
Sep-03
2.18
Oct-03
1.58
Nov-03
1.48
Dec-03
2.07
Jan-04
1.27
Feb-04
0.78
Mar-04
0.68
Apr-04
1.66
May-04
2.55
Jun-04
2.44
Jul-04
2.24
Aug-04
1.85
Sep-04
1.75
Oct-04
2.24
Nov-04
2.52
Dec-04
2.12
Jan-05
2.03
Feb-05
2.12
Mar-05
2.41
Apr-05
2.31
May-05
1.53
Jun-05
1.72
Jul-05
1.91
Aug-05
2.48
Sep-05
3.34
Oct-05
2.76
Nov-05
2.08
Dec-05
2.08
Jan-06
2.84
Feb-06
2.27
Mar-06
2.17
Apr-06
2.44
May-06
2.82
Jun-06
2.44
Jul-06
2.34
Aug-06
2.14
Sep-06
0.74
Oct-06
0.93
Nov-06
1.39
Dec-06
1.67
Jan-07
1.19
Feb-07
2.12
Mar-07
2.4
Apr-07
2.11
May-07
2.1
Jun-07
2.2
Jul-07
2.1
Aug-07
1.73
Sep-07
2.47
Oct-07
2.47
Nov-07
2.47
Dec-07
2.37
Jan-08
2.18
Feb-08
1.81
Chart 2 - Inflation Panel 3
Dates
Euro-area CPI Inflation
Jan-98
1.12
Feb-98
1.14
Mar-98
1.12
Apr-98
1.37
May-98
1.26
Jun-98
1.36
Jul-98
1.27
Aug-98
1.09
Sep-98
0.97
Oct-98
0.87
Nov-98
0.78
Dec-98
0.77
Jan-99
0.82
Feb-99
0.85
Mar-99
1
Apr-99
1.05
May-99
0.94
Jun-99
0.84
Jul-99
1.06
Aug-99
1.18
Sep-99
1.15
Oct-99
1.35
Nov-99
1.47
Dec-99
1.73
Jan-00
1.89
Feb-00
2
Mar-00
1.94
Apr-00
1.7
May-00
1.69
Jun-00
2.09
Jul-00
2.02
Aug-00
2.05
Sep-00
2.5
Oct-00
2.38
Nov-00
2.51
Dec-00
2.47
Jan-01
2.04
Feb-01
1.95
Mar-01
2.18
Apr-01
2.7
May-01
3.08
Jun-01
2.81
Jul-01
2.58
Aug-01
2.38
Sep-01
2.17
Oct-01
2.22
Nov-01
1.97
Dec-01
2.03
Jan-02
2.64
Feb-02
2.57
Mar-02
2.49
Apr-02
2.26
May-02
1.98
Jun-02
1.91
Jul-02
2.06
Aug-02
2.13
Sep-02
2.11
Oct-02
2.27
Nov-02
2.28
Dec-02
2.25
Jan-03
2.13
Feb-03
2.42
Mar-03
2.45
Apr-03
2.05
May-03
1.78
Jun-03
1.89
Jul-03
1.92
Aug-03
2.06
Sep-03
2.17
Oct-03
1.94
Nov-03
2.14
Dec-03
1.94
Jan-04
1.92
Feb-04
1.66
Mar-04
1.68
Apr-04
2.01
May-04
2.45
Jun-04
2.37
Jul-04
2.3
Aug-04
2.28
Sep-04
2.12
Oct-04
2.35
Nov-04
2.18
Dec-04
2.33
Jan-05
1.97
Feb-05
2.16
Mar-05
2.1
Apr-05
2.07
May-05
1.98
Jun-05
2.05
Jul-05
2.16
Aug-05
2.23
Sep-05
2.6
Oct-05
2.49
Nov-05
2.29
Dec-05
2.19
Jan-06
2.43
Feb-06
2.38
Mar-06
2.24
Apr-06
2.45
May-06
2.47
Jun-06
2.45
Jul-06
2.42
Aug-06
2.26
Sep-06
1.75
Oct-06
1.56
Nov-06
1.85
Dec-06
1.9
Jan-07
1.87
Feb-07
1.88
Mar-07
1.95
Apr-07
1.9
May-07
1.87
Jun-07
1.88
Jul-07
1.77
Aug-07
1.74
Sep-07
2.14
Oct-07
2.55
Nov-07
3.06
Dec-07
3.06
Jan-08
3.21
Feb-08
3.27
Mar-08
3.49
Chart 2 - Inflation Panel 4
Dates
New Zealand CPI Inflation
1998q1
1.23
1998q2
1.7
1998q3
1.83
1998q4
0.36
1999q1
-0.12
1999q2
-0.36
1999q3
-0.59
1999q4
0.47
2000q1
1.57
2000q2
2.04
2000q3
2.98
2000q4
3.94
2001q1
3.1
2001q2
3.17
2001q3
2.42
2001q4
1.85
2002q1
2.55
2002q2
2.72
2002q3
2.6
2002q4
2.72
2003q1
2.49
2003q2
1.42
2003q3
1.55
2003q4
1.54
2004q1
1.66
2004q2
2.39
2004q3
2.51
2004q4
2.7
2005q1
2.71
2005q2
2.87
2005q3
3.4
2005q4
3.16
2006q1
3.37
2006q2
3.94
2006q3
3.49
2006q4
2.66
2007q1
2.56
2007q2
1.99
2007q3
1.78
2007q4
3.19
Chart 2 - Inflation Panel 5
Dates
Norway CPI Inflation
Jan-98
1.9
Feb-98
1.96
Mar-98
2.33
Apr-98
2.51
May-98
2.02
Jun-98
2.12
Jul-98
2.53
Aug-98
2.27
Sep-98
2.51
Oct-98
2.4
Nov-98
2.34
Dec-98
2.31
Jan-99
2.27
Feb-99
2.01
Mar-99
2.26
Apr-99
2.47
May-99
2.47
Jun-99
2.29
Jul-99
1.96
Aug-99
2.01
Sep-99
2.16
Oct-99
2.57
Nov-99
2.78
Dec-99
2.74
Jan-00
2.8
Feb-00
3.06
Mar-00
2.49
Apr-00
2.64
May-00
2.82
Jun-00
3.34
Jul-00
3.41
Aug-00
3.61
Sep-00
3.55
Oct-00
3.16
Nov-00
3.16
Dec-00
2.92
Jan-01
3.33
Feb-01
3.58
Mar-01
3.69
Apr-01
3.84
May-01
4.29
Jun-01
3.83
Jul-01
2.71
Aug-01
2.67
Sep-01
2.36
Oct-01
2.17
Nov-01
1.73
Dec-01
2
Jan-02
1.29
Feb-02
0.83
Mar-02
1.02
Apr-02
0.6
May-02
0.37
Jun-02
0.43
Jul-02
1.63
Aug-02
1.34
Sep-02
1.32
Oct-02
1.77
Nov-02
2.06
Dec-02
2.69
Jan-03
5.12
Feb-03
4.93
Mar-03
3.79
Apr-03
2.95
May-03
2.1
Jun-03
1.79
Jul-03
1.57
Aug-03
2.04
Sep-03
1.98
Oct-03
1.5
Nov-03
1.36
Dec-03
0.59
Jan-04
-1.73
Feb-04
-1.61
Mar-04
-0.55
Apr-04
0.38
May-04
0.99
Jun-04
1.3
Jul-04
1.54
Aug-04
0.92
Sep-04
0.94
Oct-04
1.29
Nov-04
1.13
Dec-04
1.04
Jan-05
1.23
Feb-05
1.14
Mar-05
1.07
Apr-05
1.32
May-05
1.58
Jun-05
1.69
Jul-05
1.4
Aug-05
1.82
Sep-05
1.92
Oct-05
1.64
Nov-05
1.65
Dec-05
1.86
Jan-06
1.9
Feb-06
2.69
Mar-06
2.45
Apr-06
2.7
May-06
2.32
Jun-06
2.07
Jul-06
2.16
Aug-06
1.88
Sep-06
2.52
Oct-06
2.61
Nov-06
2.51
Dec-06
2.25
Jan-07
1.33
Feb-07
0.86
Mar-07
1.17
Apr-07
0.24
May-07
0.31
Jun-07
0.4
Jul-07
0.41
Aug-07
0.42
Sep-07
-0.36
Oct-07
-0.19
Nov-07
1.48
Dec-07
2.8
Jan-08
3.73
Feb-08
3.78
Chart 2 - Inflation Panel 6
Dates
Sweden CPI Inflation
Jan-98
0.75
Feb-98
0.67
Mar-98
0.37
Apr-98
0.17
May-98
0.29
Jun-98
-0.1
Jul-98
-0.07
Aug-98
-0.67
Sep-98
-1.18
Oct-98
-1.02
Nov-98
-1.08
Dec-98
-1.24
Jan-99
-0.16
Feb-99
-0.06
Mar-99
0.11
Apr-99
0.07
May-99
0.04
Jun-99
0.39
Jul-99
0.23
Aug-99
0.72
Sep-99
1.05
Oct-99
0.96
Nov-99
0.98
Dec-99
1.3
Jan-00
0.48
Feb-00
0.94
Mar-00
0.99
Apr-00
0.69
May-00
0.98
Jun-00
0.83
Jul-00
0.82
Aug-00
0.88
Sep-00
0.88
Oct-00
1
Nov-00
1.36
Dec-00
0.96
Jan-01
1.54
Feb-01
1.39
Mar-01
1.58
Apr-01
2.6
May-01
2.81
Jun-01
2.74
Jul-01
2.69
Aug-01
2.87
Sep-01
3
Oct-01
2.5
Nov-01
2.5
Dec-01
2.63
Jan-02
2.73
Feb-02
2.58
Mar-02
2.65
Apr-02
2.23
May-02
1.84
Jun-02
1.89
Jul-02
2.02
Aug-02
1.82
Sep-02
1.71
Oct-02
2.33
Nov-02
2.05
Dec-02
2.04
Jan-03
2.69
Feb-03
3.32
Mar-03
2.93
Apr-03
2.15
May-03
1.79
Jun-03
1.7
Jul-03
1.65
Aug-03
1.56
Sep-03
1.53
Oct-03
1.26
Nov-03
1.29
Dec-03
1.24
Jan-04
0.75
Feb-04
-0.4
Mar-04
-0.16
Apr-04
0.21
May-04
0.63
Jun-04
0.45
Jul-04
0.6
Aug-04
0.52
Sep-04
0.52
Oct-04
0.75
Nov-04
0.34
Dec-04
0.24
Jan-05
0.03
Feb-05
0.71
Mar-05
0.15
Apr-05
0.27
May-05
0.11
Jun-05
0.57
Jul-05
0.3
Aug-05
0.63
Sep-05
0.59
Oct-05
0.48
Nov-05
0.76
Dec-05
0.86
Jan-06
0.67
Feb-06
0.63
Mar-06
1.15
Apr-06
1.48
May-06
1.61
Jun-06
1.49
Jul-06
1.69
Aug-06
1.57
Sep-06
1.47
Oct-06
1.31
Nov-06
1.64
Dec-06
1.61
Jan-07
1.99
Feb-07
2.01
Mar-07
1.94
Apr-07
1.92
May-07
1.67
Jun-07
1.83
Jul-07
1.85
Aug-07
1.76
Sep-07
2.19
Oct-07
2.72
Nov-07
3.24
Dec-07
3.45
Jan-08
3.21
Feb-08
3.09
Chart 2 - Inflation Panel 7
Dates
Switzerland CPI Inflation
Jan-98
0.05
Feb-98
-0.01
Mar-98
0.09
Apr-98
0.01
May-98
0.06
Jun-98
0.07
Jul-98
0.07
Aug-98
0.17
Sep-98
0.03
Oct-98
0
Nov-98
-0.14
Dec-98
-0.19
Jan-99
0.12
Feb-99
0.35
Mar-99
0.52
Apr-99
0.6
May-99
0.5
Jun-99
0.49
Jul-99
0.73
Aug-99
1.02
Sep-99
1.19
Oct-99
1.23
Nov-99
1.27
Dec-99
1.65
Jan-00
1.63
Feb-00
1.72
Mar-00
1.56
Apr-00
1.37
May-00
1.46
Jun-00
1.71
Jul-00
1.9
Aug-00
1.21
Sep-00
1.49
Oct-00
1.3
Nov-00
1.87
Dec-00
1.51
Jan-01
1.32
Feb-01
0.89
Mar-01
1.06
Apr-01
1.08
May-01
1.61
Jun-01
1.48
Jul-01
1.39
Aug-01
1.12
Sep-01
0.76
Oct-01
0.59
Nov-01
0.27
Dec-01
0.32
Jan-02
0.55
Feb-02
0.73
Mar-02
0.57
Apr-02
1
May-02
0.53
Jun-02
0.26
Jul-02
0.01
Aug-02
0.52
Sep-02
0.61
Oct-02
1.16
Nov-02
0.88
Dec-02
0.87
Jan-03
0.91
Feb-03
1
Mar-03
1.36
Apr-03
0.59
May-03
0.35
Jun-03
0.53
Jul-03
0.33
Aug-03
0.57
Sep-03
0.58
Oct-03
0.4
Nov-03
0.47
Dec-03
0.53
Jan-04
0.26
Feb-04
0.12
Mar-04
-0.06
Apr-04
0.51
May-04
0.9
Jun-04
1.1
Jul-04
0.88
Aug-04
1.02
Sep-04
0.88
Oct-04
1.26
Nov-04
1.46
Dec-04
1.27
Jan-05
1.3
Feb-05
1.44
Mar-05
1.49
Apr-05
1.4
May-05
1.05
Jun-05
0.67
Jul-05
1.17
Aug-05
0.96
Sep-05
1.4
Oct-05
1.35
Nov-05
0.91
Dec-05
0.96
Jan-06
1.34
Feb-06
1.41
Mar-06
1.1
Apr-06
1.06
May-06
1.33
Jun-06
1.53
Jul-06
1.38
Aug-06
1.43
Sep-06
0.82
Oct-06
0.29
Nov-06
0.48
Dec-06
0.59
Jan-07
0.13
Feb-07
0.03
Mar-07
0.21
Apr-07
0.45
May-07
0.47
Jun-07
0.61
Jul-07
0.69
Aug-07
0.42
Sep-07
0.77
Oct-07
1.29
Nov-07
1.76
Dec-07
1.99
Jan-08
2.43
Feb-08
2.4
Chart 2 - Inflation Panel 8
Dates
UK RPIX Inflation
Jan-98
2.47
Feb-98
2.59
Mar-98
2.58
Apr-98
2.95
May-98
3.2
Jun-98
2.81
Jul-98
2.62
Aug-98
2.55
Sep-98
2.53
Oct-98
2.53
Nov-98
2.53
Dec-98
2.59
Jan-99
2.6
Feb-99
2.4
Mar-99
2.71
Apr-99
2.43
May-99
2.11
Jun-99
2.23
Jul-99
2.24
Aug-99
2.11
Sep-99
2.1
Oct-99
2.16
Nov-99
2.22
Dec-99
2.16
Jan-00
2.1
Feb-00
2.16
Mar-00
1.96
Apr-00
1.95
May-00
2
Jun-00
2.25
Jul-00
2.19
Aug-00
1.88
Sep-00
2.24
Oct-00
2
Nov-00
2.17
Dec-00
2.05
Jan-01
1.76
Feb-01
1.93
Mar-01
1.92
Apr-01
1.97
May-01
2.44
Jun-01
2.43
Jul-01
2.21
Aug-01
2.63
Sep-01
2.31
Oct-01
2.31
Nov-01
1.77
Dec-01
1.89
Jan-02
2.56
Feb-02
2.25
Mar-02
2.3
Apr-02
2.28
May-02
1.8
Jun-02
1.51
Jul-02
1.98
Aug-02
1.92
Sep-02
2.08
Oct-02
2.32
Nov-02
2.79
Dec-02
2.72
Jan-03
2.73
Feb-03
2.95
Mar-03
3
Apr-03
3.03
May-03
2.85
Jun-03
2.8
Jul-03
2.92
Aug-03
2.91
Sep-03
2.78
Oct-03
2.66
Nov-03
2.49
Dec-03
2.6
Jan-04
2.43
Feb-04
2.3
Mar-04
2.13
Apr-04
2
May-04
2.28
Jun-04
2.33
Jul-04
2.17
Aug-04
2.16
Sep-04
1.88
Oct-04
2.1
Nov-04
2.21
Dec-04
2.53
Jan-05
2.09
Feb-05
2.14
Mar-05
2.36
Apr-05
2.29
May-05
2.12
Jun-05
2.23
Jul-05
2.45
Aug-05
2.33
Sep-05
2.49
Oct-05
2.38
Nov-05
2.32
Dec-05
2.04
Jan-06
2.27
Feb-06
2.26
Mar-06
2.14
Apr-06
2.4
May-06
2.87
Jun-06
3.13
Jul-06
3.13
Aug-06
3.34
Sep-06
3.17
Oct-06
3.17
Nov-06
3.43
Dec-06
3.79
Jan-07
3.54
Feb-07
3.68
Mar-07
3.93
Apr-07
3.64
May-07
3.31
Jun-07
3.35
Jul-07
2.68
Aug-07
2.67
Sep-07
2.82
Oct-07
3.12
Nov-07
3.16
Dec-07
3.09
Jan-08
3.37
Feb-08
3.65
Chart 2 - Consensus Description
Country
Description
Australia
The series data range is 1998 to 2007. Please refer to the relevant spreadsheet for the headline inflation data. The 2-year ahead inflation forecast has hovered around 2.5% except in 1999 when it ticked above 3%. The 6-to-10-year ahead inflation forecast has hovered around 2.5%.
Canada
The series data range is 1998 to 2007. Please refer to the relevant spreadsheet for the headline inflation data. The 2-year ahead inflation forecast and 6-to-10-year ahead inflation forecast has hovered around 2% during the entire period.
Euro area
The series data range is 2003 to 2007. Please refer to the relevant spreadsheet for the headline inflation data. The 2-year ahead inflation forecast and 6-to-10-year ahead inflation forecast has hovered around 2% during the entire period.
New Zealand
The series data range is 1998 to 2007. Please refer to the relevant spreadsheet for the headline inflation data. The 2-year ahead inflation forecast and 6-to-10-year inflation forecast has hovered around 2% until 2005. From 2005 to the end of the period, the forecasts edged up near 2.5%.
Norway
The series data range is 1998 to 2007. Please refer to the relevant spreadsheet for the headline inflation data. The 2-year ahead inflation forecast began in 1998 around 3% and has since hovered around 2%. The 6-to-10-year ahead inflation forecast has hovered around 2%.
Sweden
The series data range is 1998 to 2007. Please refer to the relevant spreadsheet for the headline inflation data. The 2-year ahead inflation forecast and 6-to-10-year ahead inflation forecast has hovered around 2% during the entire period.
Switzerland
The series data range is 1998 to 2007. Please refer to the relevant spreadsheet for the headline inflation data. The 2-year ahead inflation forecast and 6-to-10-year ahead inflation forecast has hovered between 1% and 2% during the entire period.
United Kingdom
The series data range is 1998 to 2007. Please refer to the relevant spreadsheet for the RPIX inflation data. The 2-year ahead inflation forecastand 6-to-10-year ahead inflation forecast has hovered around 2.5% during the entire period.