Growth slackened over the course of 2007, to 8.5% by the fourth quarter of the year, partly as a result of tighter monetary policy. It would have eased more but for strong farm output. Even so, consumer and wholesale price inflation picked up, reaching nearly 8% by the spring of 2008. With a more restrictive monetary policy stance and a more normal harvest, output growth is projected to gradually slow to below 8% in 2008 and then to recover slightly in 2009. Higher oil and commodity prices are likely to push the current account deficit to 2% of GDP this year. With world food prices stabilising, the rise in the consumer price index is expected to ease back to 5.5% in 2009.