Central banks ‘risk losing trust if they cannot tame inflation’

Bank of International Settlements also warns US bank failures and cryptocurrencies could reduce trust

Central banks risk losing public trust if they fail to bring down high rates of inflation found across the developed world, according to the boss of the body that advises them.

Agustín Carstens, the director of the Bank of International Settlements, said central bankers needed to maintain a tough stance against inflation or else risk a new generation of consumers who had never experienced rapidly rising prices losing faith in their independent role.