The Financial Post reports in its Saturday, Oct. 4, edition that Bank of Canada deputy governor Rhys Mendes indicated that the BOC is mulling dropping the term "preferred" for core inflation measures as it reviews its monetary policy framework next year. The Post's Jordan Gowling writes that Mr. Mendes said these measures are just some indicators used to achieve the inflation target and questioned whether to broaden the list or eliminate the "preferred" designation. Mr. Mendes said labeling CPI-trim and CPI-median as preferred has led markets to focus more on core measures than the BOC intends. During the July and September interest rate decisions, the BOC focused more on underlying inflation, a concept that includes core inflation and broader inflationary pressures. Mr. Mendes said there was growing discrepancy between where measures of core inflation stood and where underlying inflation stood. He said: "The difference might not seem like much, but in the realm of monetary policy, it is important. Half a percentage point can mean the difference between a decision to hold interest rates steady or to cut them." In September, the BOC opted to cut its policy rate by 25 basis points to 2.5 per cent.