As any A-level economics teacher will tell you, the key to explaining the concept of falling inflation is that while prices are still rising, they are doing so at a slower rate.
There is a similar phenomenon at play with today’s GDP figures. The Office for National Statistics has found that the UK narrowly avoided a recession at the end of last year. But with the Bank of England forecasting a contraction in 2023, one could say we are still getting poorer, but at a slower rate.
