Although I've long thought that the government made a mistake* in using the Consumer Price Index to measure inflation, rather than the Retail Price Index which includes house prices I haven't actually been following the RPI. Anyway looking it up now, it appears that with the collapse in house prices we may already have deflation:
Maybe 'printing money', is something to be welcomed.
* I say a mistake, but it was politically convenient because it allowed the government to claim that it had conquered inflation, whilst simultaneously allowing all those home owning swing voters to benefit from rising house prices.
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4 hours ago