We rarely experience it but, deflation is real and is far worse than typical inflation. Inflation has been low for years, which is good news; especially, if wages rise. Low inflation is close to deflation. Unfortunately, the UK just saw a deflationary period, -0.1%. It is hoped that it will be temporary, but there are many deflationary pressures in the world economy. If they are more powerful than a rise in productivity, then the reverberations from The Great Recession may continue.