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this post was submitted on 07 Aug 2023
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It was, but we also saw deflation in 2009. It is less common for us to see than inflation, to be sure, but it is far from something that never happens. On average, we experience it about once every decade. No doubt it will be twice this decade by the time we reach the end.
If you're taking 2 steps forward and 1 step back, you'll still get where you're going. For deflation to be a thing we'd need 2 steps back to every step forward. Otherwise it's inflation with pauses.