The wholesale price index inflation, on a year-on-year basis, decreased to 3.3 per cent during the week ended September 29, 2007 from 5.4 per cent a year ago. The consumer price index inflation (for industrial workers) was 7.3 per cent in August 2007 as against 6.3 per cent during the same period of the previous year.
While emphasis on objectives differed, each central bank looking to its legal mandate, in general, looser monetary policies have sought to support economic recovery and, at the same time, preserve price stability. BIS central bankers’ speeches  1  The contribution of monetary accommodation to growth since 2010 has been subject to debate, particularly in the United States.