1% to 1.5% is the usual estimate of bias in the consumer price index because of the introduction of new groups and quality upgrades in existing goods. I have adjusted the consumer price index inflation rate back to 1970 in New Zealand by 1.5% to see how long ago prices became stable. I know this is a rough adjustment, but it is still informative. If anything, the bias in the consumer price index from new goods and product upgrades is increasing rather than decreasing.
Source: Reserve Bank of New Zealand.
Prices have been stable or falling in New Zealand’s for at least three years now once bias in the consumer price index is taken into account. Despite this deflation, the economy seems to be getting along pretty well. There is also a long period of more or less stable prices in the 1990s once bias is taken into account in the measurement of consumer prices by the Statistics New Zealand.
Utopia, you are standing in it! 
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