Faithful readers of this blog will remember that, from an economic point of view, the prospect of deflation is something I am way more concerned with than the hint of inflation. John Kay suggests that we not panic quite yet. Full essay here. A few wee excerpts here:
"the consumer price index is a complex statistical construct not a physical fact."
"Raised body temperature might be a sign of fever or the result of a relaxing hot bath: it is wise to determine which it is before you start to worry, far less prescribe remedies."
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