Central bankers such as Janet Yellen, Mario Draghi or Mark Carney should be delighted. A rebound in oil prices towards $50 will make it easier for the heads of the Federal Reserve, European Central Bank and Bank of England to hit their inflation targets. It is to be hoped they don't get lumbered with too much of a good thing.
The bounce in energy costs is a relief for rate-setters, who have been struggling to lift inflation from ultra-low levels. For example, British consumer prices rose at an annual rate of 0.3 percent in April, even less than the 0.5 percent reported in March, the UK national statistics office said on May 17.