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:

Best Buy and Wal-Mart are Motley Fool Inside Value recommendations. Best Buy is a Stock Advisor choice. Motley Fool Options has recommended a bull call spread position on Best Buy. The Fool owns shares of Best Buy. Try any of our Foolish newsletters today, free for 30 days.

Jim Royal owns shares of Church & Dwight, but Anand Chokkavelu does not own shares in any of the companies mentioned. The Motley Fool's disclosure policy gets camera-shy.