81. China said it overshot its economic growth target by almost two percentage points last year and undercut its inflation target by four percentage points. 82. This is seen including setting an inflation target to break the grip of deflation. 83. US Federal Reserve Vice Chairman Roger Ferguson on Tuesday rejected moves to further increase transparency at the US central bank by publishing economic forecasts or setting inflation targets. 84. Under the system of partial independence awarded to the Bank of England, the central bank must meet the inflation target set by the government. 85. Underlying inflation, the second component used to measure overall inflation, focuses on regular prices and is the main inflation target for the Reserve Bank. 86. Underlying inflation focuses on regular prices and is the main inflation target for the Reserve Bank. 87. Lawmakers and ministers have suggested the BoJ should provide more liquidity, buying more foreign bonds or adopting an explicit inflation target to fight long-running deflation. 88. Later on Wednesday Brown was expected to set a tough inflation target for a Labour administration. 89. Now the bank must set monetary policy to achieve the inflation target set by the government. 90. Most deputies called for an inflation target of at least three percent, mainly to provide support for national industry. |