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But by the fall, inflation had weakened again.
But he insisted that if the oil price continued to fall inflation would come down next year.
And he expressed hope his fears would not come to pass, saying, "The most likely possibility is that the recovery will continue into the fall, inflation will start to move up and this issue will all go away".
Another possibility, however, which I at least noted fairly early on, was that downward nominal wage rigidity could explain why the fairly rapid falls in inflation seen in previous slumps weren't happening this time; if wages are "reluctant" to actually fall, inflation becomes "sticky" at low levels even with a very depressed economy.
In my childhood he prayed us through the Watts riots, Haight-Ashbury, the Vietnam War, the stock markets rise and fall, inflation, Cambodia, Watergate, Nixon, Agnew, Ford and Carter.
With the price of oil, the mainstay of Russian economy, continuing to fall, inflation rising, and a recession looming, Putin will eventually find it impossible to hold up his end of the bargain.
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Exports fell, inflation rose, and debt was significantly expanded.
Yet it is being asked, partly because we don't see strong evidence of falling inflation.
The IMF praised Guatemala's rising economic growth and falling inflation.
"Fed officials are becoming increasingly worried about falling inflation," Mr. Ashworth wrote.
But in a world of falling inflation the risks this poses are lower.
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