Price development is one of very important economic indictors and many central banks including the Bank of Japan carry price stability as a policy objective. Still, I think it difficult to make monetary policy judgment solely based on the development of a single price index. Having said this, I do not deny the benefit of inflation targeting.
1 European Commission (2020), “Study on the EU’s list of Critical Raw Materials – Final Report”. 2 This figure reflects the latest GDP release in March 2022. 3 According to Eurostat, Cyprus’ energy import dependency (calculated as net imports divided by gross available  energy) stood at 93% in 2020. 4 In the five largest countries.