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CRITICAL EVALUATION OF INFLATION TARGETING POLICIES IN UNITED KINGDOM AND IN SWEDEN
Table of Contents
Critical Evaluation of Inflation Targeting Policies in United Kingdom and in Sweden    3
Aspect of Price Stability    3
Aspect of Economic Growth    4
Aspect of Reduced Employment    5
References    7
Critical Evaluation of Inflation Targeting Policies in United Kingdom and in Sweden
Inflation is a common term used to define the declining value of money in a politically sovereign landmass. As noted by Kaminska et al. (2018), with prices of products and services increasing consistently, a person is able to buy a lesser amount of products and services with each passing financial year, hinting at increase in inflation rates. Inflation targeting can be considered in this case as a monetary policy, where the central bank makes a huge rate of target inflation for the medium term, post which, it publicizes the inflation target. By taking this step, a stable pricing can be maintained, which enhances the prolonged development of the country’s economy (Fazio et al 2018). Despite having very strong economies, both United Kingdom (UK) and Sweden has faced rising percentages of inflation, leading the countries’ government to use financial targeting to get over the issues relating to price stability, economic growth and unemployment.
Aspect of Price Stability
Starting with the prices of the alcoholic beverages it is found that they have come down since 2017. In addition, the prices of transport, clothing and household items also remained stable and in some cases reduced, making positive remarks about the adapted inflation targeting. However, it is also seen that the prices of the Gas and petrol has increased, making the inflation higher. In a conclusive aspect, it can be said that the inflation targeting has not generated the best results for the economy of UK; however, it has indeed improved the condition of the economy compared to the last 5 years (Office of National Statistics, 2018).
Figure 1: Price Rate Graph of United Kingdom
(Source: Office of National Statistics, 2018)
As per the pricing stability of commodities and services in Sweden it is found that, the rapid increase in the pricing rates have undermined the positive outcome of the inflation targeting policies undertaken by Riksbank in Sweden. However, as the country’s economy has been close to the target of 2% inflation, it has adapted expansionary methods, which has retained the prices stable in most cases. The oil prices along with prices of imported...