A key concern, in fact, the primary objective, of monetary authorities is to achieve low and stable inflation. A necessary ingredient for achievement of low inflation is the acceleration of productivity growth in an environment of high economic growth. When growth in productivity is high, a sustained increase in income, leading to sustained growth in demand can be managed with low inflation.
IMF analysis of a sample of 13 advanced economies spanning 1990 to the COVID-19 crisis finds that, unlike in past recessions,  16/19  bankruptcies has actually fallen during this recession by about 30%. See IMF (2021), “World Economic Outlook Update”, January. 6. Chart 4 shows Eurostat’s HICP index for comparability across jurisdictions (including Eurostat’s proxy-HICP for the United States).