Except, maybe, for debtors who have to run faster to stay in place on their payments.
From Ed Yardeni's Dr. Ed blog:
Why are the major central banks so paranoid about deflation? It’s
probably because they are staffed (stuffed) with macroeconomists who
associate deflation with depression. In their opinion, falling prices
make it harder for debtors to service their debts. Widespread defaults
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