Inflation
Norges Bank Inflation Report, June 2003
Norway's central bank, Norges Bank, has published its latest Inflation Report for June 2003. The report contains a review of developments in the Norwegian economy and other factors that influence the inflation outlook.
Fedspeak with the Fed rate cut
An article in the Washington Times suggests that to understand what the Federal Reserve does, it's best to start with reasonably low expectations about what any central bank can do. It also suggests that the Fed's "balance of risk" assessment of the…
Putin, central bank chairman discuss economy
Chairman of the central bank of Russia Sergey Ignatyev met with President Vladimir Putin on Monday 30 June to discuss the financial and economic situation in the country, RTR Russia TV reported. Ignatyev said the macroeconomic situation remains stable,…
Farewell Eddie
Sir Edward George retired from the Bank of England on Monday. An article in the Financial Times looks back at his time as governor which, it says, can be looked on a successful decade which will not see him move rapidly from Who's Who to Who's He?
Mexico on track for 3% inflation in 2003 - c bank
The governor of Mexico's central bank, Guillermo Ortiz, is reported by Reuters to have said that the trend in inflation for the first two weeks of June suggests the country is going to be in the range of its targets for this year.
RBNZ's New Zealand CPI Inflation Calculator
The Reserve Bank of New Zealand has created a way by which you can easily work out what something which, for example, your grandparents bought for 2 pounds back in 1935 would cost today. It's "The New Zealand CPI Inflation Calculator". A quick check…
BofE's George shrugs off fears of deflation
In an appearance before the Treasury select committee on Tuesday outgoing governor of the Bank of England Edward George said there was an "extremely" low risk of deflation in the UK and the US, acording to the Independent newspaper. He described the risk…
Brazil adjusts inflation target upwards to 5.5%
Brazil revised its inflation target up on Tuesday 24 June to 5.5 per cent, reports Merco Press. The 2005 target was fixed at 4.5 per cent. Making the announcement, Brazilian Finance Minister Antonio Palocci emphasized that the government will keep…
BoJ Monetary Policy minutes, 30 April
Minutes of the Bank of Japan's Monetary Policy Meeting on 30 April 2003, released 16 June. The minutes showed at least two of the BoJ's nine policy board members favour the introduction of a "reference rate of inflation" to halt deflation.
Brazil may raise inflation target
Economists have said that Brazil is likely to raise its inflation target to a more realistic level which could allow the central bank more room to reduce interest rates, according to a report by Bloomberg.
Bank of England Inflation Attitudes Survey, May 03
The Bank of England's May 2003 quarterly Inflation Attitudes Survey was published on 20 June. Asked for their expectations of inflation over the coming year, respondents gave the same median answer as for perceptions of current inflation: 2.0%. This is…
Inflation expectations crucial - SARB
The South African Reserve Bank suggested in its June quarterly bulletin that it expected inflation to hit its target later this year but it would largely depend on the extent to which price expectations conformed to trends, according to a report by…
Sir Edward George's Mansion House speech
In his Mansion House speech Sir Edward George, Governor of the Bank of England said that in terms of the overall macro-economy the Monetary Policy Committee framework has served us well. Annual inflation - on the present RPIX target measure - perhaps…
Serdengecti on an overview of the Turkish economy
In a speech made in London Wednesday 18 June, Sureyya Serdengecti of the Central Bank of Turkey said formal inflation targeting will be adopted when conditions allow. Including a favourable internal environment, sustained fiscal discipline, reduction in…
Japan's support for inflation targeting grows
Minutes of the Bank of Japan's April meeting published on Monday 16 June showed that at least two of the BoJ's nine policy board members favour the introduction of a "reference rate of inflation" to halt deflation, according to a report in the Financial…
Interview with Bank of England's Stephen Nickell
UK inflation has peaked and will soon head lower, Bank of England Monetary Policy Committee member Stephen Nickell told Reuters in an interview on Tuesday 17 June. He also played down the importance of the government's plan to switch the Bank's inflation…
Central bank technocrats rule democratic roost
Joseph Stiglitz said in an article in Business Day, Johannesburg, that research shows that if central banks focus on inflation, they do a better job at controlling inflation. However, controlling inflation is not an end in itself: it is merely a means of…
Bank of Israel: Inflation expectations fell in May
The Bank of Israel said on Monday 16 June that Israel's M1 money supply totalled NIS 31.7 billion in May, a 0.9% rise from the preceding month, according to Globes report. It also reported that inflation expectations have fallen for the last three months.
Change in the remit of the Bank of England's MPC
In a letter from Gordon Brown to Eddie George, governor of the Bank of England, the chancellor sets out his intention to change the MPC's remit in the next Pre-Budget Report to give the Bank of England a symmetric inflation target as measured by the…
SARB reduces interest rates by 1.5%
The South African reserve bank cut interest rates on Thursday 12 June for the first time in 21 months to 12 per cent, according to a report by Business africa. Governor Tito Mboweni said the central bank would remain alert to inflation risks though.
NZ's Bollard boosts inflation guidelines
Appearing before a parliamentary select committee Reserve Bank of New Zealand Governor Alan Bollard said the changes made to the bank's inflation targeting guidelines last year may have helped the RBNZ begin its easing of interest rates in April,…
Real strengthens as Brazilian cb intervenes
The Brazilian currency, the real, continues to gain as the central bank sells securities, Bloomberg reports. It has outperfomed all major trading currencies this year and gained 22%.
Argentina c bank on track to target '04 inflation
The president of the central bank of Argentina has said the country should be ready to start inflation targeting in 2004, according to Reuters. Alfonso Prat Gay told a conference it would help Argentina to return to being a normal country.
Upbeat on the UK, downbeat on Europe
Unveiling the Bank of England's May 2003 Inflation Report on Thursday, Mervyn King was upbeat about prospects for UK economic growth and inflation. The Bank predicts that growth will pick up to trend and inflation will fall to remain close to its target…