Oil price plunge

The oil price is plunging.  This isn't because there've been lots of new discoveries.  It's because demand is falling, and that's because the world economy is slowing.

Notice how it made a "death cross" a couple of months ago, and is heading towards its previous low in mid-2011?   Other commodity prices are falling too.  Combine that with weak economies and you're going to get falling inflation.  Deflation?  Could be.  Not at all a pleasant prospect when Western economies are so heavily indebted.