Why this emphasis on low inflation and the commitment to price stability? At one level, the socioeconomic damage that flows from a failure to control inflation is all too evident. High and volatile rates of inflation disadvantage the poor, who are least able to protect themselves from the ravages of inflation, to the benefit of those more able to preserve their standards of living.
Inflation disadvantages in particular those living on fixed incomes, often the elderly reliant on pensions or savings. Across the board, inflation will tend to discourage savings and undermine the ability of people to plan their future personal finances on a prudent, long-term basis.