Physical goods have accounted for much of the deflation over the past year, according to economists.
Outside of supply-demand dynamics, the U.S. dollar's strength relative to other global currencies has also helped rein in prices for goods, economists said.
However, a shift toward higher tariffs and less free trade could serve to push up goods prices "quite significantly," she added.
Why there's been deflation for food, travel, electronicsPrices have also declined for items including food, travel and electronics.
Travelers have seen deflation for airline fares (prices are down 5.1% annually) amid factors like an increased volume of available seats.
Persons:
Olivia Cross, Cross
Organizations:
Getty, Capital Economics, U.S, AAA, Travelers
Locations:
U.S, North America, China