A significant decline in inflation was expected at the time the Board started to reduce interest rates in September 2008. Sometimes, the process of disinflation can be quite costly in terms of economic activity. That is often the case when higher inflation lasts long enough to become embedded in expectations.
That did not occur this time and the result was that inflation came down with relatively little short-run cost to output, very much as was the case in 2001 and 1995. It is, of course, one of the intended effects of having an announced objective for inflation that inflation expectations be well anchored, which aids economic stability and efficiency.