The initial estimate of the 2012 Q1 NGDP data is out. The “month 2” estimate is very unreliable, but here it is: 0.4% quarter on quarter growth, annualized rate. Bang on the estimate using the qoq CPI rate. I’ll do another post once the data series are published. The deflator looks to be sub-2% annualized.
It is a really really excellent time to try to get the CPI rate down, Mervyn.