If, as futures markets suggest, those prices level off later this year, prospects seem reasonably good for headline inflation to move back in line over time with core inflation. And I expect core inflation to ease off slowly as commodity prices level out and as economic slack creates competitive conditions that inhibit increases in labor costs and prices.
On the face of things it would seem that it is clear enough to everyone why that objective is so important, but it is worth focusing on one or two points in this regard.