If so, this would be the first time since the early 1960s that the price level has fallen over a full year. In underlying terms, however, inflation is expected to remain positive. As the economic data roll in over coming months, they will present a very sobering picture of the state of our economy.
3/5  BIS - Central bankers' speeches  Allow me to give my own citations. To the members of the Monetary Board and their valuable guidance and counsel-as I keep saying, we disagree but we are never disagreeable: Finance Secretary Benjamin Diokno, Peter Favila, and Tony Abacan. By the way, Tony and Peter, just like me, are moving to other endeavors.