Central banks never had devotion to slaying inflation, in fact central bankers ARE the creators of inflation, as countries without central banking proved(US before 1913) the prices of things remained more or less constant over big periods of time.

Central banks need to be controlled by inflation or we become Zimbabwe or Iran and people stop using their currency(and banks as they could not trust them anymore) as it has no value.

Lord keynes: "By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security but [also] at confidence in the equity of the existing distribution of wealth."

Those that inflation enrich are the central bankers and the people in power. Today the number one debtor country in the worls US of A announced that they are going to print dollars ad infinitum, the same thing the ECB and the bank of Japan said as they need to export(look at Japan companies stock like Sony or Sharp or Panasonic versus South Korean like Samsumg or LG).

There is a currency war for being the first western country to go the hyperinflation way.

Bad thing are going to happen.