Accelerating growth is taking place in a non-inflationary climate, with price increases remaining at or below 2 percent in the developed world and in many emerging economies.
We can now take comfort that we have, at least temporarily, tamed the beast of inflation that bedeviled our economies in the  BIS Review 28/2004  1  1970s and 1980s, while the fears of deflationary pressures that were widespread last summer have certainly not materialized.