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The original said that some northern countries "had inflation rates lower than the level of inflation".
Because central banks are increasingly using them to boost growth and raise the level of inflation.
True, that's more than twice the current level of inflation on the CPI measure.
It is worth noting that the current low level of inflation is not completely unusual.
This introduces an upward bias in the average level of inflation.
Given the low level of inflation, what's so dangerous about pressing for faster growth?
Wage growth is running at less than half the level of inflation.
Indeed Ben Bernanke warned last week that the level of inflation was too low for comfort.
"We are going to create a fairly high level of inflation down the road".
And we now find ourselves at a lower level of inflation than we would expect given our underutilisation rate.
It is impossible to tell what the level of inflation will be in 10 or 20 years' time.
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