Inflation Report

Quarterly Bulletin 1993 Q1
Published on 01 March 1993

Following the suspension of sterling's membership of the exchange rate mechanism on 16 September 1992, the commitment to price stability has been embodied in an inflation target. The Chancellor announced a target range for inflation of 1 %-4% a year, for the twelve-month change in the RPI excluding mortgage interest payments, in October. And later that month, in his Mansion House speech, the Chancellor invited the Bank of England 'to provide a regular report on the progress being made towards the Government's inflation objective'. This is the first such Inflation Report. In accepting the invitation the Governor, in his LSE lecture of 1 1 November, said that 'our aim will be to produce a wholly objective and comprehensive analysis of inflationary trends and pressures' .

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