I wanted to update what that data looked like. So I took the BLS CPI-U ex food and energy (to avoid the most volatile components, with a view to seeing more clearly the underlying trends in money-vs-goods-and-services). I used the seasonally adjusted index, and computed monthly changes (annualized). The result, together with a six month moving average to cut the worst of the noise, is here:
That graph shows the long view (from 1960 on), and you can see the long steady decline in inflation since the era of loose-money-and-oil shocks in the late 1960s and 1970s. Just looking at the data since the beginning of 2008 (ie pretty much the beginning of the great recession):
it's clear that the overall trend has been very steeply downward. However, there was a little relief over the summer of this year (the data go through July). Not quite deflation yet.