Talking heads on CNN are solemnly discussing the possibility of deflation. This remains, however, just a possibility. The fall in the CPI was driven almost entirely by energy prices, without which the price index was flat.
This is still good news for households that will be paying less for their energy, at least until OPEC gets its act together. But it does not necessarily herald a general fall in the price level, which is what creates the deflationary traps economists worry about.
Oh, god, sometimes she's too much. There's a fine line between being controversial and raising a stink because you're always wrong. Everyone who has been right so far--which most certainly does not include our Megan--says deflation is becoming a serious problem. Here's Krugman, Yves Smith, and Fortune on deflation.