In recent months we’ve seen a steady decline or flattening out of the increasing rate of inflation year over year. For many, this means that inflation is coming down and it will continue to come down over time. We believe otherwise. We believe that inflation will continue to rise even though there is currently a slowing in its increase. We believe that this disinflation that we are seeing now is transitory and that inflation will pick up its increasing pace as the months and the years go by in this decade. It is also worth noting that inflation is cumulative, therefore, no matter what the current rate of inflation is, it is always compounded onto the prior years.
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