This might raise inflation uncertainty and cause inflation expectations to become unanchored.8 It would also be wrong to lower the inflation target, as some have occasionally called for. At the end of the day, inflation is a monetary phenomenon and there is no evidence of a structural break in the factors driving inflation. It is therefore inflation that has to move, not the target.
Just as in football where you kick the ball towards the goal, rather than move the goalposts towards the ball. Lower inflation targets would also increase the likelihood of hitting the lower bound of interest rates. Central banks would end up more frequently in a situation where it is difficult to loosen financial conditions any further – at least with their standard toolkit.