how low could inflation go?

Oil is down today to 105 dollars a barrel. While accepting that there are any number of possible events (war, hurricanes and so on) that could send it back up, on the most favourable outturn for Ireland, how low could inflation go? Is there any possibility it could it be negative next year? Say the oil price fell to 80 dollars, and world food prices also fell, and the ECB responded in a few month by reducing interest to 3.5pc (not saying these wil happen, just that they might), would that push inflation below zero?

a Japan style deflation certainly seems unlikely, but never say never…

I believe it could easily happen that CPI in Ireland could turn negative, if it wasn’t for all the price gouging that goes on! If we didn’t have monopolies or duopolies in so many of the components of CPI it would be a possibility. But can you really ever see the salaries of nurses, doctors, teachers, gardai etc. or the prices of ESB, Bored Gosh erc. going down? As we are in the euro, this is not to say that eurozone inflation would turn negative, just that the cost of living in Ireland might come down.