Fed's Pianalto defines inflation

Sandra Pianalto, the president of the Cleveland Federal Reserve, has clarified the difference between relative-price pressures and inflation.

"I believe that the difference hinges on a distinction between relative-price changes, which central banks can do nothing about, and inflation, which central banks control," Pianalto said. "Globalisation has increased the complexity of distinguishing between relative-price changes and inflation, but I do not believe that globalisation has fundamentally

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