But Germany's inflation rate is only1% and it could well drop over the next year, as weaker growth causes its output gap to widen by more than elsewhere.
According to such an interpretation, the drop in household saving, to only 1.5% of personal income in December, is no cause for alarm: households no longer need to save, because rising wealth in shares and homes will do it for them.
While the magazine advertising pages across the industry were down 9.5% in 2008 and 20% in 2009, Meredith's magazines saw their ad pages drop 14% in 2008 and only1% in 2009, according to Craig Huber, an analyst at Huber Research Partners.