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Our job is to maintain price stability. This is the best contribution monetary policy can make to economic growth and job creation.
We keep prices stable by making sure that inflation – the rate at which the overall prices for goods and services change over time – remains low, stable and predictable.
We are targeting an inflation rate of 2% over the medium term.
Our commitment to this target is symmetric: we view inflation that is too low just as negatively as inflation that is too high.
Monetary policy instruments
To help keep prices stable, we need the right tools at hand. Our interest rates are one of several instruments that we use for our monetary policy.
Think of a toolbox full of different tools that are used, also in combination with one another, to help us steer inflation. In recent years we have added new instruments to our toolbox in response to big changes in the economy that have made our task of maintaining price stability more challenging.
SEE ALSO
Find out more about monetary policy
WHAT DOES MONETARY POLICY DO?
Monetary policy is our way of guaranteeing price stability. Our measures influence economic developments, which helps keep inflation in line with our target.
OUR NEW PRICE STABILITY OBJECTIVE
The economy has changed a lot since we last carried out a strategy review. We have a clear and predictable price stability objective that people find easy to understand in this changing economic landscape.
