As investors, we're used to inflationary environments where the buying power of our money goes down over time. But what happens if the opposite occurs?

Fool analysts Jim Royal and Anand Chokkavelu talk about the prospect of deflation and a strategy for dealing with it.

If you fear deflation, Jim (who covers the consumer goods industry) recommends staying clear of discretionary plays like Best Buy (NYSE: BBY) in favor of consumer staples plays like Wal-Mart (NYSE: WMT), Colgate-Palmolive (NYSE: CL), and ARM & HAMMER maker Church & Dwight (NYSE: CHD).  

See the video here: