Remember, you read it here first

25th August 2011

I said "so when you see a headline like oil prices fell below the psychologically significant $100 a barrel level for the first time in six months, particularly on a day when all else is doom and gloom, you probably don't take much notice."

"You don't think – hey, it's gone down, that's good it means fuel should be cheaper and since when fuel costs rise so do transport costs and hence food etc,. so falls in oil prices should reduce inflation.

I used oil as an example, because people always talk about it as a sign.

And I also said…

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