The CPI fell 1.7 percent between October and November. That's a lot -- if that continued for 12 consecutive months, the annual inflation rate would be -18 percent!
However, essentially all of the drop was reduced energy prices. As a net oil importer, the U.S. is better off when oil is cheaper relative to the goods that we produce.
Nevertheless, I would like to see the Federal Reserve take bigger steps to keep INflation going. Inflation will alleviate some economic problems; prolonged deflation will aggravate them.