Monetary policy can do little about such relative price changes. Even tighter monetary policy, leading to lower headline inflation, would not have prevented such uneven effects across households. Only governments have the mandate and tools to address distributional issues.
As regards the second type of measure, governments must address the underlying sources of the supplyside shocks that are likely to affect the structure of the economy more persistently. This requires public investment and decisive structural reforms that foster potential growth and, at the same time, help to dampen inflationary pressure over the medium term by reducing supply-side constraints.