Inflation is defined as a situation  BIS central bankers’ speeches  1  in which the CPI persistently rises; on the contrary, deflation is defined as a situation in which the CPI keeps falling. A price rise or fall of individual items such as vegetables and television sets does not constitute either inflation or deflation.
Keeping that in mind, let me now explain what the consequence of a persistent decline in general prices – rather than price declines in individual goods and services – will look like. To be sure, a decline in prices itself will have the effect of raising your real income.