Stagflation back in the 70s was caused by rising oil prices
which causes inflation, and a reduction in GDP, which was caused by
various factors.
At the start of 2008, GDP was going down, but inflation was
still high due to oil prices, so it was thought we where entering a
new stagflation period. However, oil prices have gone down since,
and there's indications that inflation will not be an issue in
2009.
So in conclusion, as of Jan. 2009, there is no clear indication
that we have entered a stagflation period.