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But the outlook for inflation improved.
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But on Tuesday, Mr. Bernanke said the outlook for inflation had "improved somewhat" and made it clear that worries about a recession had now trumped worries about rising prices.
The upward revisions, said Mr Draghi, reflected the impact of lower oil prices, the fall in the euro, and the decision to press ahead with QE.The longer-term outlook for inflation has improved, too.
Readings on core inflation have improved modestly in recent months.
South Africa has lost thousands of jobs even as Mr. Mbeki's government has been praised by the International Monetary Fund for reducing the deficit and inflation and improving tax collection.
The central bank has reduced the benchmark rate two percentage points in the last month on improved inflation estimates for the next two years.
But because people often forget to correct for inflation, they may have the illusion that the market is improving.
The case for inflation.
(Results were adjusted for inflation).
(The study adjusted for inflation).
Unless you adjust for inflation.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com