IFB
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Depends on country.
Countries where public debt is high, as in most West, prices of basics will not decrease despite fall in fuel prices. Unemployment will increase and wages will decline, as they do after every economic crash.
Rents may or may not come down after the major housing crash. Depends on the prevailing interest rate then. Rents for luxury properties will tank though, as they did during last recession.
Rent in my country has been rising like crazy...now hey will stabilize then.