Deflation is relative. One thing is deflationary relative to another. Dollars are deflationary relative to iPhones. Dollars are inflationary relative to Oil. Pe

Deflation is relative. One thing is deflationary relative to another. Dollars are deflationary relative to iPhones. Dollars are inflationary relative to Oil. People will buy oil because if they wait to buy it tomorrow their dollars will buy them less. People won't buy iPhones because if they wait to buy it tomorrow their dollars will buy them more.