Yesterday’s update on consumer price inflation for October offers few reasons to think that disinflation has been banished. That means it’s too soon to dismiss the risk that deflation may turn into outright deflation down the road. That’s probably a low risk, thanks to the Federal Reserve’s monetary stimulus efforts. But it’s a risk that’s not yet low enough to send this potential pitfall to the museum of irrelevant economic hazards. In a world struggling with unusually high levels of debt and weak growth, deflation still can’t be ruled out.