The deflation myth

I expect you’re worried about deflation by now. If you aren’t, most economists and politicians will say you should be. Look, they say, at the failure of all the prices around you to rise as central bankers think they should.

The Consumer Price Index (CPI) in the UK is supposed to be rising at 2% a year. But last month the prices it measures only rose 1.7%. In the US, inflation is a mere 1.1%. Worst of all, in Europe prices are refusing even to rise at an average rate of 1%.

Look at those numbers, say our [...]

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