translate English to French: During a time when the rate of inﬂation was falling (from 5 per cent to 1.5 per cent), M1 was growing at rates between 15 and 20 per cent.
Pendant que le taux d’inﬂation tombait de 5 à 1,5 %, M1 s’accroissait à des taux de 15 % à 20 %.