And, if you are hoping to upgrade without the price tag, check Optiontown's Upgrade Travel Option, which allows you to upgrade on Kingfisher flights, if seats are available, for a nominal price.

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Moreover, the price of a letter remained constant in nominal terms, representing a big price reduction in real terms.

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When a currency drops, the nominal price of hard assets in that currency generally rises.

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"In nominal terms, we haven't had a price drop like this nationally since the Great Depression, " says Humphries.

FORBES

And since it is hard to cut nominal wage rates, price stability could put a floor beneath real wages.

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And we can place a price on it too: 15% of the nominal value of the bonds.

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But in the case of goods that change in quality every year, it is much harder to split an increase in nominal ouput or spending between a change in volume and a change in price.

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He found that the conventionally measured nominal price of light, metered in dollars per lumen per watt, rose by a factor of three to five between 1800 and 1992.

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Although the interest rate is 0% to 0.1%, average deflation of -1.3% in the past 15 years means that the real interest rate (nominal interest rate 0% minus the price change of -1.3%) is a positive 1.3%.

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