Peco, I realize that the use of hyphens has almost died out, but sometimes they're really helpful. Translation, markg: Put it this way: Inflation and interest are measured in percentages. $1000 in 2013, after 2% interest for a year, is worth not 2% times $1000 but (1+2%) times $1000, ie 1.02 times $1000. A negative percentage is calculated the same way: After losing 3% of its value, $1000 is worth not -3% * $1000 but (1-3%) * $1000, or 0.97 * $1000.