So accepting a rise in trend inflation because of the short term moderation in demand growth needed to contain a pick up in prices would be a very short sighted policy.
It would very likely condemn us to a repeat of the problems of the late 1960s and 1970s, when we mistakenly thought we could live with a bit more inflation, and all the attendant difficulty we had in the 1980s in fixing the inflation problem, all over again. It is far better to resist rising inflation now.