Central banks, despite what they say, do not know for sure what the long-term impact on inflation of all this money creation will be.
By holding down the price of petrol, Malaysia now has the lowest inflation rate of all the 32 emerging economies tracked by The Economist.
Just over a year later they are rising by only 2.7%, the lowest inflation rate of all the countries in our chart.
First of all, the inflation question is to some extent separate from the liquidity trap issue: you can be in a liquidity trap, with conventional monetary policy ineffective, while still having some inflation due to cost pressures.
Even at today's levels, oil futures are still about $10 a barrel short of the all-time inflation-adjusted peak set in 1981.
They have had a hand in eight of the top 20 highest grossing movies of all time, inflation-adjusted.
As of today, the Ryan Coogler-directed film is North America's highest grossing superhero film of all-time (not adjusted for inflation, mind).
It has survived slumps by stockpiling and booms by keeping prices ahead of inflation, all the while telling consumers that, in the words of its long-running advertising slogan, "a diamond is forever".
Housing inflation also fits into a larger trend over the last year, in which services have accounted for almost all of inflation.
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