For one thing, the dollar is soaring.

Also look at recent year-over-year values for the PPIFGS ( produce price index finished goods, which is my favorite price index ):

2011-09-01,7.2%
2011-10-01,6.04%
2011-11-01,5.75%
2011-12-01,4.72%
2012-01-01,4.14%
2012-02-01,3.35%
2012-03-01,2.81%
2012-04-01,1.89%

In a couple weeks we'll have May's numbers and we'll see if we've slipped into deflation yet. We haven't had a solid -6% on this set of data since the great depression, so that's the value I'm looking for to be convinced we've finally entered into a deflationary spiral.