via CBC:
As Canadians celebrate this month’s fall in food prices and politicians join the national sport of shaking their fists at grocery store owners, it might be time to listen to a gloomier prediction, if just to help prevent it from happening.
After a two-year bout of inflation — when price rises peaked at eight per cent, groceries climbed at more than 11 per cent, and the cost of housing left well-paid professionals feeling poor — it is natural to be nostalgic for the days when everything was cheap.
“People hate inflation. Hate it,” said U.S. Federal Reserve chair Jerome Powell on Wednesday. “That causes people to say the economy’s terrible.”
Powell was announcing that the central bank would hold interest rates steady — contrary to the advice of some, including OECD chief economist Claire Lombardelli.