Central banks globally have spent years fruitlessly trying to awaken long-dormant inflation, and some analysts say it's time to stop trying.Anemic inflation has become a bugaboo for global central banks, with frequent mentions in the meeting minutes.


Instead, Carnell said inflation should only be a secondary target, with more attention paid to the rate of credit growth.

Advocating eschewing an inflation target, or at least moving away from aiming for a 2 percent rate, isn't an entirely new idea.

Robert Heller, a former Federal Reserve governor from 1986-1989, said that, in his opinion, the 2 percent inflation target wasn't entirely in line with the central bank's Congressionally mandated goal of price stability.

Instead, the goal should be zero percent inflation, he said, but acknowledged the difficulty of hitting that target exactly.

Zero percent inflation! Novel idea there. Pretty crackerjack for anyone who spends money and has to earn it, we'd say!

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