Are central banks' inflation targeting policies fit for purpose?

Given the posited role of 'cheapflation' in the US & other elections, Ian Harnett (FT) argues a concern with 'core inflation' is misplaced; voters actually want price stability in everyday, retail goods & services; failure to deliver that can/has had significant political consequences.

While central bankers may want to see a 'bigger picture' their political masters are likely to now want them to change tack!

#inflation #politics