Finally, we should consider if there are ways to better anticipate structural breaks in the inflation process. For example, inflation could become a nonstationary time-series process if inflation expectations were to become de-anchored.
Unrealistic expectations or demanding too much from monetary policy is likely to end in a loss of policy credibility. At the same time, monetary policy should be as supportive of growth as is possible, inflation permitting. Indeed our monetary policy has remained highly accommodative, notwithstanding significant price pressures.