That persistent inflation had an obvious cause - the explosive increase in credit during the late 20th century, which itself was an aberration.

Targeting lower inflation in the 1990s worked because central banks were just helping economies to move from an unnatural state - persistent inflation - towards their natural state, steady prices.

Analysts also blamed a collapse in business investment, persistent inflation and sagging exports.

As of 2012, this target appears difficult to achieve, due in part to persistent inflation in food prices.

Regardless of persistent inflation after 1272 paper currency backed by limited releases of coins remained as the standard means of currency until 1345.