> Thus central banks cannot control inflation in a global market. This is simply false. What a central bank can affect, in the long run, is the average level o

> Thus central banks cannot control inflation in a global market. This is simply false. What a central bank can affect, in the long run, is the average level of prices(including wages) denominated in the currency they control, even globally. Inflation in the price level of other currencies, on the other hand, is mostly irrelevant to a particular central bank. It is true that central banks cannot control a relative change in prices of energy or any other single good, but that isn't even their goal.