Whether the inflation is only temporary or at least sustainable, this discussion does not matter to the motorists.
You can see the inflation and thus the devaluation from the petrol station prices on a daily basis.
The liter of diesel costs more than ever before, and the price of gasoline is on the verge of a record.
Together with the increased prices for gas and heating oil, it quickly becomes clear: The surge in inflation is affecting the broader population.
All major central banks except the European Central Bank (ECB) now have an advantage because they do not have to take into account the different economic policy interests in the countries of a monetary union. The US Fed or the Bank of England can now start tightening their monetary policy in order to contain inflation worries. The ECB, on the other hand, continues to hope for a temporary effect that will soon subside.
But should that not be the case, as the rising commodity prices suggest, the ECB risks its credibility in the fight for monetary stability.
That would be a problem because the trust of the population is essential for central banks.
It will be lost if the impression prevails that the ECB is avoiding stopping government bond purchases and raising interest rates because the heavily indebted countries in southern Europe cannot afford it.
The ECB has to get out of this dilemma.