Are we faced with inflation or deflation? It seems to depend on which analyst you read and on which day of the week. Complaints about a new inflation due to, say, government money creation or budget deficits come hot on the heels of moans that deflation is still a menace. Looking at actual numbers adds to the confusion. On the UK official consumer price index, year-on-year inflation was still 2.3 per cent this April, slightly above the government's 2 per cent target. On the traditional and more comprehensive retail prices index, it was -1.2 per cent.
我们面临的是通胀还是通缩?这似乎取决于你看的是哪位分析师的报告,以及是哪一天提出的这个问题。不久前还在哀叹通缩威胁依然存在的人们,如今又对政府印钞或预算赤字将引发新一轮通胀怨声载道。现实中的数据则令人更加困惑。根据官方的消费价格指数(CPI),英国今年4月份物价仍同比上涨了2.3%,略高于政府2%的通胀目标。而根据传统的、覆盖范围更广的零售价格指数(RPI),物价下跌了1.2%。