The price of oil is down and prices for a car, a house, a piece of furniture and a wedding present are all going down, according to the global oil price index.
But not for everything.
On Monday, oil fell to $49.97 a barrel, the lowest since September 2016.
The Brent crude oil price fell to US$49.82, its lowest since August, while the West Texas Intermediate (WTI) crude oil (US$54.85) was down by US$0.23 to US49.45 a barrel.
In China, the yuan weakened to a four-week low against the dollar.
Oil prices in Asia, the US and the European Union are all also expected to weaken as investors prepare for the March meeting of the World Trade Organisation (WTO).
The price of Brent crude, for example, dropped by $1.28 to US50.97, while US crude oil fell by US1.25 to US48.85 a barrel at 8:17am (0817 GMT).
The US crude price has slumped by about 40 percent this year.
“Oil prices are expected to start to return to their pre-recession levels sometime next year,” said the International Energy Agency (IEA), a US-based group that tracks oil prices.
“However, the price decline is likely to be less pronounced in coming months.”
The IEA said the price declines are likely to continue, as the global economy is struggling to keep up with an increasingly oil-rich world and the US has been relying on cheap energy imports to support its economy.
“A weaker dollar is expected to lead to lower oil prices in the US, especially for Brent crude,” the IEA wrote in a report on Monday.
“A weaker US dollar is also likely to lead consumers to pay higher prices for crude, which is more expensive for manufacturers.”
Oil has been falling in recent months, with oil prices falling to levels not seen since 2003.
Last month, US crude fell by more than 60 percent in a week, to $46.85.
“The outlook for oil prices is very positive,” said Nick Kasten, senior analyst at the Oil Price Information Service (OPIS), a price-tracking firm.
“It is still the strongest price on the planet and this year we will see a sharp rebound.”
Oil prices fell to an all-time low of US$44.96 in October.
The price fell again in December, when Brent crude fell to its lowest level since July 2014, to US44.89.
But oil prices have rebounded, peaking at US$50.01 in January.
The IEA expects crude prices to hit $50.90 by the end of the year.
Oil-price futures are set to hit a three-year high in January, rising to US$,US$59.85, according the S&P Global Gauges (GFG).