The central bank will increase the lending or bank rate to commercial banks which in turn increase interest rates on money borrowed which discourages the public from acquiring loans hence reduction of money circulation in the public.
During inflation, the central bank will sell securities like bonds and treasury bills to commercial banks and the public which will reduce the circulation of money in the public
The central bank also increases the legal Reserve Requirement to commercial banks that will still work towards reduction of circulation of money in the public.
With the fiscal policy, this involves increasing taxes and reduction of government expenditure on non productive ventures. The government has to spend more on agriculture to increase food production that will in turn reduce food prices hence improving the standard of living.