Thus, even if the inflation rate rose, it would be largely superficial and gross domestic income (GDI) as well as gross national income (GNI) would decrease; as a result, people would not feel that the economy had overcome deflation (Chart 16).
John Hurley: Recent economic and financial developments in Ireland Address by Mr John Hurley, Governor of the Central Bank & Financial Services Authority of Ireland, at the Russian Bankers’ Federation Conference on “The Transition to the Market Economy: Actual Problems in the Economic and Finanical Sectors”, Dublin, 20 April 2004.