with the economy now at 4.9% unemployment, we must be near full employment. i would expect wage price inflation to increase sometime soon. followed by consumer price inflation.
http://www.tradingeconomics.com/united-states/wage-growth
http://www.tradingeconomics.com/united-states/consumer-price-index-cpi
http://www.bls.gov/news.release/pdf/cpi.pdf
a bit of inflation would be a good thing, in my view. don't fight it. let it ride for a little while if we are lucky enough to get it. then manage it down to the 2-4% range. we have the tools to do so.
deflation is a far nastier and more stubborn foe. as we have witnessed since 2008.