Is deflation on the horizon?

Can we just worry about one flation at a time?

Also, I'm going to go ahead and coin "Bideflation" right here and now.

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Is deflation on the horizon?

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'Member a few months ago when the administration's economic advisers were saying they thought we were at peak inflation? The same people who said last year it was transitory? Yeah

Wait until the wheat shortage takes effect. That plus energy shitstorm

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Member a few months ago when the administration's economic advisers were saying they thought we were at peak inflation?

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"Experts" who literally had ONE job.

I think it’s an interesting question. I think most of us expect softening of inflation, but we generally do not expect prices to go down. We do expect the rate of increase to drop significantly eventually when inflation comes under control.

However, gas prices are a major piece driving inflation, so when gas prices plummet by 33% could that actually be enough to lead to deflation? Especially if other out of control prices happen to drop at the same time? Could prices on goods all actually drop rapidly enough that we get temporary deflation? I don’t know the answer, but it wasn’t as ridiculous a question as I first thought.

What happened in the 80s after soaring inflation?

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But if we go into a recession (likely already are) and demand drops off due to high costs, we would typically see a reversal of inflation and actual deflation correct?

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Correct.
Supply-demand is a major driver. If consumer demand falls, assuming supply doesn't fall to an equal or greater extent, pricing sees downward pressure. The deeper the recession the more likely that outcome.

OTOH, if despite this Administration's best efforts, we get at least some of the supply chain fixed, it will reduce sector pricing, recession or not.