I like this chart ...

The disruptions from the covid 19 pandemic changed the price level and challenged some orthodoxies around supply chains - but ultimately as prices have not fallen back the impact on real incomes has meant that many voters have remained worse off than they were pre-covid - which is why changes in the price level are always regarded as kryptonite for politicians.Equally we now find ourselves in a world where CPI is likely to be a little more volatile than it was and ultimately this may mean that the average inflation rate over the next decade is closer to target (and perhaps may even overshoot).   Over time this will put central banker at the centre of a much more delicately balanced fulcrum than ever before ...  some people will remember what that looks like - those of us from the pre 2000 era remember that central bankers were frequently at loggerheads with political leaders ...  and their independence was frequently and vociferously challenged ...