Some recent headlines from anounced price increases last few weeks from where I live. (Belgium Europe.) Car insurance: +5/+10% Beer: +5% Water: +5% .... Deflation deflation. Yes, because flat screen TV's are next to free today.
We are seeing inflation in food and oil because industrializing requires oil and people stop farming when they go to work in the city. From foodexportusa.org: "Exports of consumer food products are growing three times faster than sales here in the U.S. They have soared in recent years in response to consumers' growing purchasing power and lower trade barriers." China for example isn't to the point (yet) where consumers are buying flat screen TVs. The Yuan was fixed to support exports and they do not have the disposable income. However - that will change with time - and we'll see prices rise. This process will continue until we see price inflation at home in luxury goods... but there is a terrible kicker IMO (which gets back to the OP's question). China will eventually pump the crap out of the Yuan with all the USD denominated debt it has... hoping to unseat the USD as the world's reserve currency. This would be the final blow to cut off the snake's head - and transfer economic seniority to China. If they succeed we will see serious inflation.