The main purposes of the Monetary Policy Report are the following: (i) inform and explain to the Senate, the Government and the general public the opinion of the Board of the Central Bank on the recent and expected evolution of inflation and its consequences for the direction of monetary policy; (ii) publicly present the mid-term analysis framework employed by the Board in the formulation of monetary policy; and (iii) provide useful information for the formulation of the expectations of economic agents concerning the future trajectory of inflation and the product.

The Report is published quarterly both in Spanish and English, in March, June, September and December, and focuses on the main factors influencing the inflation trajectory. These include the international environment, financial conditions, prospects for aggregate demand, activity and employment and recent developments in prices and costs, and a summary of the analysis’s implications for the prospects and risks concerning inflation and economic growth over the next eight quarters. Furthermore, the Report also includes text boxes with more detailed considerations on issues relevant to the assessment of inflation and monetary policy.