Target what you can hit- follow up

In case you don't have time to read the entire chapter 3 , please read the two boxes
- Box 3.1. Inflation in Sub-Saharan Africa during the 2008 Commodity Price Surge 
- Box 3.2. Food Price Swings and Monetary Policy in Open Economies

What accounts for the relative stability of nonfood inflation? As Table 3.1.4 indicates, the macroeconomic environment was broadly neutral during this period. There was a small increase in government spending. On the monetary front, there was a small increase in the growth rate of monetary aggregates; money targets were missed in eight countries for which there are data; and nominal interest rates stayed constant—all of which is broadly consistent with an accommodation of first-round effects.