Inflation
SARB reject call for changes to inflation target
SOUTH AFRICA - South African Reserve Bank (SARB) Governor Tito Mboweni on Wednesday dismissed calls for changes to the inflation target measure, and stressed the central bank had to remain vigilant against rising inflation.
Reserve Bank's new target divides economists
ARTICLE - As widely expected, the policy targets agreement between the Government and new Reserve Bank Governor, Dr Alan Bollard, has been amended to require him to keep inflation in a 1 to 3 per cent band "on average over the medium term".
Inflation target regime debated in South Africa
SOUTH AFRICA - Economists briefing Parliament's finance committee endorsed the country's inflation targeting regime on Friday, but offered conflicting advice on how to improve it.
Russia's central bank to decide on Russia-Belarus
RUSSIA - The Central Bank of Russia is to shape the inflation and currency rates in the Russia-Belarus Union, said Russian Vice-Premier and Finance Minister Alexei Kudrin at a Tuesday session in Moscow of the Council of Ministers of the Russia-Belarus…
South African inflation hits record high
SOUTH AFRICA - South Africa's targeted CPIX inflation measure vaulted to a record high in August, official data showed on Tuesday, supporting the Reserve Bank's decision last week to raise interest rates for the fourth time this year.
New Zealand raises inflation target
NEW ZEALAND - New Zealand raised its inflation target in the New Policy Targets Agreement announced Tuesday giving new central bank Governor Alan Bollard more leeway to avoid sudden interest rate increases that might choke economic expansion.
New currency to stabilise inflation in Afghanistan
AFGHANISTAN - The head of Da Afghanistan Bank, the central bank in Afghanistan, Anwar al-Haq Ahadi, announced in an interview that with the distribution of the new banknotes in Afghanistan it can be hoped inflation will be reduced.
South Africa raises interest rate
SOUTH AFRICA - The South African Reserve Bank on Thursday made a one percentage point increase in the country's prime interest rates in an effort to force inflation below 6 per cent.
OECD backs Norway's central bank policy
NORWAY - The Organization of Economic Cooperation and Development (OECD) urged Norway on Friday to resist the temptation of spending any more of its vast oil revenues and leave interest rates high to keep inflation in check.
Eurozone CPI rises above ECB ceiling
GERMANY - Consumer price inflation in the eurozone rose above the European Central Bank's 2 per cent ceiling in August, weakening any hopes of a rate cut in the near future.
SARB inflation target seen as out of reach
SOUTH AFRICA - Consumer inflation surprised on the upside last month, fuelling expectations that the Reserve Bank's targets for next year are getting out of reach, though Business Day reports economists said they did not expect interest rates to rise…
Romania c bank says inflation targeting off course
ROMANIA - Romania's National Bank (BNR) does not have all the necessary means to assume responsibility for attaining a clear inflation target, read the conclusion of a BNR study drafted by the bank's specialists, and coordinated by vice-governor Cristian…
Central Bank of Brazil Working Paper Series
RESEARCH - Optimal Monetary Policy, Gains from Commitment, and inflation persistence by Andre Minella, Central Bank of Brazil, August 2002.
O'Neill sees growth, zero inflation
US - U.S. Treasury Secretary Paul O'Neill has said that the U.S. economy was set to exit 2002 in good shape with inflation benign, but exhorted corporate executives to help revitalize the economy by setting an example of honesty and integrity.
Surprise rise for UK inflation seen
UK - UK inflation has risen higher than expected, casting doubt on the need for another interest rate cut.
Thailand's central bank in upbeat mood on economy
THAILAND - The Bank of Thailand is confident that deflation will not be an immediate concern. M.R. Pridiyathorn Devakula, the central bank governor, said the prevailing exchange rate of about 42.5 baht to the US dollar would not trigger inflation either.
ECB Working Paper Series
RESEARCH - The rationality of consumers' inflation expectations: survey-based evidence for the euro area, by M. Forsells and G. Kenny, August 2002. The results suggest consumers' inflation expectations in the euro area satisfy an intermediate rather that…
Bank of England Inflation Report, August 2002
REPORT - The Bank of England on Wednesday published its Inflation Report for August 2002. The Bank expects inflation to remain below the government's 2.5 per cent target for the whole of the next two years, according to the quarterly Inflation Report…
Central bank to analyse inflation fall in Thailand
THAILAND - The Bank of Thailand will look at why inflation has declined in recent months, according to Bandid Nijathaworn, an assistant governor.
Euro-zone inflation climbs to 1.9 per cent in July
BELGIUM - Inflation in the 12-nation euro zone edged up to 1.9 per cent in July compared with the same month in 2001, the statistics body Eurostat reported on Wednesday, citing provisional figures.
Two Fed nominees move towards Senate approval
US - Two highly regarded nominees for key policymaking spots on the U.S. Federal Reserve, including one with strongly held views on inflation targets, sped easily through a Senate hearing on Tuesday.
Mexican economy 'set for strong recovery'
MEXICO - Mexico's central bank governor said Monday the bank had set an inflation target of 3 per cent for next year and predicted a strong recovery for the country's economy.
Cullen calls for RBNZ to copy Australia's c bank
NEW ZEALAND - Finance Minister Michael Cullen has called for New Zealand's central bank to model itself on the Reserve Bank of Australia, which pursues a 2-3% inflation target.
Bank of Canada, Monetary Policy Report Update
REPORT - Bank of Canada, Monetary Policy Report Update, July 2002. The report projects economic growth for Canada in the range of 3 to 4 per cent to the end of 2003. The report also says the Bank is committed to achieving the 2 per cent target for…