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The first countries to target inflation

Six countries adopted inflation targeting before 1995: New Zealand, Canada, Australia, the United Kingdom, Sweden and Finland.

The full list

Outside Europe 3

Three non-European economies adopted between 1990 and 1993: New Zealand in early 1990, Canada in February 1991, Australia in April 1993.

• 🇳🇿New Zealand
• 🇨🇦Canada
• 🇦🇺Australia

Europe, after the fixed rates broke 3

Each adopted a target within months of its fixed exchange rate collapsing in autumn 1992: the UK in October 1992, Sweden and Finland early in 1993.

• 🇬🇧United Kingdom
• 🇸🇪Sweden
• 🇫🇮Finland

Not on the list

• Spain: The IMF table dates Spain's adoption to January 1995, on the cut-off rather than before it.
• Israel: The IMF table dates Israel's adoption to June 1997.
• Chile: The IMF table dates Chile's adoption to September 1999, when it floated the peso and moved to full inflation targeting.
• Czech Republic and later adopters: After Spain, the next adopters by date in the IMF table are Israel and the Czech Republic.

Questions

How many countries targeted inflation before 1995?

Six countries adopted inflation targeting before 1995: New Zealand, Canada, Australia, the United Kingdom, Sweden and Finland.

Which countries are on the list?

New Zealand, Canada, Australia, United Kingdom, Sweden and Finland.

What is an easy way to remember them?

Three outside Europe first (New Zealand in 1990, Canada, Australia), then three European countries whose fixed exchange rates broke in 1992 (the UK, Sweden, Finland).

More lists

Each name checked against at least two sources, one of them IMF Working Paper WP/09/236, on 3 October 2026. Next review by 3 October 2028.
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