That's been my big worry too but to be honest I just haven't seen it. I mean, we can look at the cpi, the gdp inflator, or whatever and all we see is nothing in particular. Sure we got all sorts of problems, but inflation/deflation isn't one of them.
Look at the total credit outstanding. That it is contracting is a very strong indicator. True mark to market on the real value of debt banks hold will show a serious decline as well.