It was in 1989 that the Reserve Bank of New Zealand became the first central bank to adopt a formal inflation target, along with the independence to hit it as it saw fit.
Since, the idea has spread around the world and about two-thirds of countries have adopted inflation targets, according to the Bank for International Settlements. Most advanced economies have goals of 2 per cent.
It’s a remarkable convergence. Yet there are signs that trend’s now fraying. Last week New Zealand’s government said it would force the central bank to consider the effect of its monetary policy on house prices, a move which would mean higher rates than a focus solely on consumer prices would entail.
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