The 2015 budget, like those of 2013 and 2014, was developed and implemented under the programme-budgeting method. Monetary policy was aimed at stabilising prices and the real effective exchange rate by preventing public expenditure from crowding out private investment. Inflation increased in 2015 by 0.8 of a percentage point to 2.7% because of the rising price of fuel at the pump, itself due to a 40% cut in subsidies to oil products in July 2014, but remained under the 3% CEMAC convergence criterion. The worsening security environment held back growth of real gross domestic product (GDP) to an estimated 4.1% in 2015, compared with an initial target of 5.5%.