The name was meant to reflect the lower level product because it was water based as opposed to Tip Top ice cream which included cream. Inflation means money is worth less and less from year to year. Dollars and cents took over from pounds and pence on July 10th 1967. This was called Decimal Currency Day. Because of inflation, one dollar today buys less than a tenth of what one dollar could buy in 1967.
Inflation is a real headache for people and governments.
Since 1989 it has been the Reserve Bank's job to keep inflation low. If the Reserve Bank can keep inflation low, that means next year you will be able to buy as many things with your pocket money as you can now. That means you'll be able to save for things.