While the appreciation of the real’s exchange rate kept a lid on prices for tradable goods, non-tradable goods, especially services, remained a source of inflationary pressure. To fight accelerating price growth, the authorities adopted measures at the end of 2010 to cool overheating domestic demand, first through credit restrictions and higher reserve requirements for banks – so-called “macroprudential” measures – and later through the resumption of interest-rate hikes.