Does high inflation matter?

in America, but the surge in inflation has spread to the rest of the rich world. Consumer prices across the club of mostly rich countries are rising by 10.3%, year on year, the fastest pace of increase in at least three decades. In the Netherlands, inflation is nearing 12%, even higher than in America, while in Estonia it is over 22%. How forcefully should central banks respond to the inflationary surge? The answer depends on how much damage inflation is causing. And that depends on whom you ask.