With little confidence that the Fed would keep inflation low and stable, the public at that time reacted to the oil price increases by anticipating that inflation would rise still further. A destabilizing wage-price spiral ensued as firms and workers competed to "keep up" with inflation.
4  BIS central bankers’ speeches  20. For the large number of Indian migrant workers, remittance home is extremely important. Over the years, we have enabled multiple channels to provide easy and efficient remittance facility both for the remitter and the receiver.