I am reminded of Radford's work on cigarette currencies, which included noting the disadvantage that actually smoking the cigarettes had a deflationary effect on said currency.
I'm not sure making drinking (and other life-support related activities) deflationary would be good for the water economy.
(Assuming high costs of extraction and purification, of course. If anyone can drag in an iceteroid in their off-hours, it'll have more the Adamsian leaf problem.)