An increasing number of central banks have adopted the inflation targeting strategy, and the trend does not seem to be ending. If inflation targeting offers a precise framework, its policy implications are surprisingly imprecise. For the strategy to be understood and generally supported, inflation targeting central banks need to communicate clearly and precisely. This is undoubtedly why they have also adopted the practice of producing a new publication, often referred to as inflation reports. This study, the second ''Special Report'' in the ICMB/CEPR series of Geneva Reports on the World Economy, offers the first in-depth analysis and evaluation of 20 inflation reports.