| Unemployment hysteresis: the disinflationary effect of persistent actual unemployment could decline over time for various reasons. |
| However, these disinflationary trends were partially offset by the increasing inflation contribution of tobacco and heating prices. |
| The economy's fundamentals are looking ever better and conditions abroad are imparting steady disinflationary pressure. |
| I stick by my call for a disinflationary environment as opposed to outright deflation. |
| By that time, short-term interest rates have actually undershot their long-run level in order to curtail the building disinflationary momentum. |
| But poor productivity means weak wage gains are not as disinflationary as they appear. |
