Falling consumer prices? It doesn’t even seem conceivable where we are today in the midst of an energy crisis.
But look 12-18 months into the future and its not such a difficult thing to imagine.
But first, where have we seen deflation in the past? Consumer prices tend to be quite sticky in the sense that higher prices tend not to reverse. It is very uncommon, at least in modern times, for the overall price level to swing between inflation (a period of rising prices), and deflation (a period of falling prices).