ONLY a few months ago, inflation was the main concern of central banks as the price of oil and other commodities soared. Deflation was not only unthinkable but rarely mentioned in the press. Back in August, only six stories in the Wall Street Journal, International Herald Tribune and the Times mentioned “deflation”. In November, there have already been 50, and new figures released this week will mean many more. America's consumer-price index fell by 1% in October from September as oil prices plunged, the largest monthly fall since the series began in 1947. Britain's inflation rate has also fallen from its record high of 5.2% in September to 4.5% in October, the biggest drop in 16 years.

 From Economist.com

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