Yep deflation leading into hyperinflation. We've had the paper shortages next will likely be the real physical ones because as you say output will drop more than consumption and for some commodities demand is relatively inelastic, eg food and energy. Of course the first sign of a shortage generally triggers a reversal in buying trends from hand to mouth into hoarding and that is when the hyperinflation really kicks in.
Not saying it will happen but it is a real possibility. eg there are currently gasoline shortages in the SE of the US. Interestingly prices are still going down despite likely hoarding?
