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The result was global deflationary pressure.
Deflationary pressure on ad budgets seems set to continue.
Analysts said, however, that further rate cuts appeared unlikely unless severe deflationary pressure emerged.
The government's numbers, by contrast, didn't show this deflationary pressure until that November.
Economists say Australia is importing much of its deflationary pressure, helping to keep prices subdued.
Wages are under downward pressure and this is leading to ever-stronger deflationary pressure.
But devaluation will merely serve to export deflationary pressure to economies that already look vulnerable.
This in turn contributed to deflationary pressure, by lowering the cost of imports.
China was exporting "deflationary pressure", said Morgan Stanley analysts Hans Redeker, Ian Stannard and Sheena Shah in a report.
Deflationary pressure would intensify as Asian countries dumped their excess production on the rest of the world.
In any case, an influx of eager workers from poorer countries inevitably puts deflationary pressure on British wages.
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