Whose Job Is It to Throttle Inflation?

Shoppers in Covent Garden market in London.

Photographer: Chris J. Ratcliffe/Bloomberg

As inflation runs hot, so increasingly will the political finger pointing.

Central banks in theory operate with a level of independence in most countries. That doesn’t stop politicians from sending signals on what they expect monetary policy makers to do, and every now and then for a central banker to signal what they think governments should do.