And core consumer prices (that is, excluding food and energy) increased a moderate 1.9 percent. The relatively benign performance of core inflation despite the steep increases in energy prices can be attributed to several factors. Over the past few decades, the U.S. economy has become significantly less energy intensive.
The most important meetings held at the BIS are the regular meetings of Governors and senior officials of member central banks. I regularly attend these meetings which are held every two months in Basel. These gatherings provide an opportunity for participants to discuss the world economy and financial markets, and to exchange views on topical issues of central bank interest or concern.