24  Central banks believed that there was an inflationary bias in the system, but that the pressure came from governments rather than any desire on their part to boost output and employment through an unexpected jump in inflation. (See Howitt, P (2000): “Learning about Monetary Policy and Theory”, Brown University Working Paper, unpublished.)
This largely reflects worsening global growth prospects, notably in Europe, which is suffering from the reduced flow of Russian natural gas, and in China, with its zero-COVID policy and property-sector difficulties. U.S. gasoline prices have fallen more than $ per gallon since June, reflecting the fall in oil prices and refinery margins and helping to slow the monthly increases in headline consumer prices.