The UK has now experienced deflation for the first time since records began in 1996. The Office for National Statistics believes that the last time the UK experienced deflation was in the 1960s.
This was so long ago that you may well be asking yourself “What exactly is deflation and what does deflation mean for our economy?”.
Inflation v Deflation - What's The Difference?
In very simple terms, inflation is when the overall cost of living goes up and deflation is when the cost of living goes down.