The BOC reviews its mandate every five years
- BOC and Canadian government have agreed to renew inflation targeting regime for another five years
- Inflation target will continue to be the midpoint of 1-3% inflation-control range
This is no surprise. The mandate is periodically reviewed and rubber-stamped.
The Fed has recently begun talking about similar reviews.
Update: A closer look at the BOC announcement shows they are changing the way they measure inflation away from the current core measure (CPIX) to three new measures that will be developed by StatsCan.
The BOC "has decided to cease using CPIX inflation as its preferred measure of core inflation and to replace it with three new measures-CPI-common, CPI-trim and CPI-median."