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<p>A comprehensive Review of the Monetary Policy Framework was published in 2013,
considering the benefits and costs of a number of different monetary policy frameworks.
The current remit for the Monetary Policy Committee reflects the assessment set out
in the Review, which includes retaining a flexible inflation targeting framework,
with a 2 per cent symmetric inflation target, as measured by the 12 month change in
the Consumer Prices Index. The remit also states that the MPC may allow inflation
to deviate from this target temporarily in order not to cause undesirable volatility
in output due to the short-term trade-offs involved.</p><p> </p>
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