After that, growth has sustained at a relatively fast pace accompanied by relatively low inflation. Immediately before the crisis period, both growth and inflation accelerated sharply, suggesting the build-up of demand-side pressures. However, the overall impression, over a somewhat longer period than for India is that sustained high growth is concomitant with relatively low inflation.
A final issue that I want to look at in this long-term perspective is the behaviour of crude oil prices. Slide 3 displays the trend of nominal prices as well as real prices, derived by deflating by the US Producer Price Index. During the period that we have been talking about, both moved in tandem.