Biflation is a phenomenon where both inflation and deflation occur at the same time. This term was coined by Dr. Osborne Brown, a Senior Financial Analyst for the Phoenix Investment group.

During biflation, the prices of commodities and earnings-based assets (https://www.babypips.com/school/undergraduate/intermarket-analysis/using-equities-to-trade-fx/ equities) rise while the prices of debt-based assets (https://www.babypips.com/school/the-411-on-bonds.html bonds) fall.