For those living in the United States, which has enjoyed moderate inflation for an extended period of time, this might not be immediately obvious, so let me start with this point. Deflation refers to a situation where prices decline persistently. If prices of individual goods and services fall thanks to innovation and improved productivity, this is of course a good thing.
3   1%   =323K  32 32 32  3  40 00 32  3 32 3 16 0 6 6 076 7 0 2316  63 2 06 8 0663  29 569 5690 569 29 569 2490 090  63 3 90 62896 1 4  2 4 0963  736   9 9   319  39  2 $