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I dont the 'inflationists' are right.
I dont think the 'deflationists' are right either.

Both appear to be happening at the same time, depending on where you look. The black/white nature of the debate drives me nuts. Its far more nuanced than that imo, ie;

Aus house prices are rising, airplane seat costs are falling, the shanghai stock market is on a tear, UK & Ireland are in the grip of severe economic contraction, credit spreads are falling, fellow employees are falling like nine pins around me, etc.

Signals are mixed, the global economy is all over the shop. I dont have a clue whats going on. All power to you if you think you can make clear sense of it all.