There was a 20-year period of mild deflation during the Victorian Era: https://en.wikipedia.org/wiki/The_Great_Deflation https://en.wikipedia.org/wiki/The_Great

There was a 20-year period of mild deflation during the Victorian Era: https://en.wikipedia.org/wiki/The_Great_Deflation https://en.wikipedia.org/wiki/The_Great_Deflation Broadly it was a time of sustained growth in both the United States and United Kingdom, despite the deflation which was driven by industrialization and productivity gains. However, certain industries did suffer as a result of the deflation, so it was neither an unvarnished good or bad economic period.