Looks like more price inflation to me, though there are an opposing views:
Former Harvard President Larry Summers and recent top economic advisor to President Obama, who blew up a large portion of the Harvard's endowment playing with derivatives (despite warnings from Iris Mack), sees even less current price inflation than Paul Krugman.
Larry Summers, former Harvard Presidentand recent top economic advisor to President Obama, writes:
The underlying rate of inflation is still trending downwards...Here's Paul Krugman:
There’s really nothing here to shake my view that deflation, not inflation, is the threat.