Since oil underpins the cost of so many things, are we seeing the beginning of a deflationary cycle? With central banks around the world pumping money into the

Since oil underpins the cost of so many things, are we seeing the beginning of a deflationary cycle? With central banks around the world pumping money into the economies, can the extra money counteract the downward pressure? It's a weird time to see glut of oil and glut of money flowing around.