The headlines are scary. U.S consumer prices soar. Consumer prices rise at an accelerated rate.

But Mike Mandel, chief economist at Business Week, has been blogging about the prospect of deflation. Yes, you read that right. I think he’s right. (Full disclosure: I wrote a book about deflation. The time may come to reissue it?) The International Monetary Fund has also weighed in on the topic, arguing that deflation is a real risk in a decelerating global economy.

Check out what Mike has to say at his blog, Economics Unbound.