Fading memories of high inflation lead to declining price stability concerns.
Memories of high inflation can affect how people feel about the importance of keeping prices stable. A study looked at survey responses from 23 countries between 1981-2000 and found that memories of really high inflation stick around, while memories of less severe inflation tend to fade after about 10-15 years. As inflation has been low and steady in recent years, people are less worried about it, but this might also be because they don't remember how bad it used to be. Central banks need to keep talking to younger people about why it's important to keep inflation low and stable.