Higher the growth in productivity, higher is the overall growth at given levels of investment and that also means that much higher growth can be sustained by higher investments without arousing inflationary pressures. The best thing thus one can do is to encourage innovation, productivity and growth which can then bring about better control over inflation.
This is exactly what has happened in the world in the last 10 years. Central banks around the world congratulate themselves for having been very successful especially in the last 10 to 15 years for having tamed inflation internationally. But, what lies behind that achievement through monetary policy is also the gains that have come through increases in productivity.