When commodity price is high we are in inflation environment but when commodity price is down it not necessary we are in deflation environment. This is because when commodity price is down the end user product does not necessary be down this is because there are other factors contributed to produce a product. We see this impact now when price of metal is down but machinery and tools price is not coming down.
My advice - plan your investment ahead of prior year and place purchase orders in prior year this is important because you get more time working with your supplier for better price and quality.
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