Central bankers have lost sight of inflation

Resurgence comes after crypto and climate distractions from primary task


Inflation in most of the Western world is now at levels not seen since the early 1980s. This is despite central banks having a primary, if not sole, objective to ensure price stability. As a result, central banks are failing in their primary objective.

The problem central banks feared for much of the past decade was deflation – the risk of declining prices – rather than inflation. As a result, officials have deployed a lot of analytical firepower and effort to avoid deflation. Central bankers

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