No two periods are ever identical, and we don't expect cars to sprout fins, but we do think that there's a good chance that many of the favorable economic trends of the 1950s will re-emerge in the years immediately ahead.
Goods prices are deflating and continue to deflate, but services prices are by no means deflating. Overall, prices continue to rise, so I'm not concerned about deflation.
If prices are rising in response to a pickup in global demand, that's a good sign for the economy. Though it does impart a drag on the economy, you don't feel it as much.