As mentioned earlier, the recent CPI inflation is attributable to a variety of factors, such as the impact of the substantial rise in import prices, particularly for energy and grains, as well as the effects of the government's measures to address rising prices.
And in doing so, central banks averted even more serious declines in output in advanced economies’, thus supporting their ultimate goal of maintaining price stability. 1  See Issing, Otmar (2012), “Central Banks – Paradise Lost”, CFS Working paper, No. 2012/06. BIS central bankers’ speeches  1  For its part, the ECB has acted forcefully and decisively in pursuing its price stability mandate.