"While selling prices are under pressure, input costs are falling," said Goldman Sachs analysts led by Sharon Bell, in the report.
"For those companies selling to the consumer, or at least with some pricing power, the relative moves in pricing should be supportive."
The Bank of England warned on Wednesday that price growth in the U.K. was likely to fall below 1 percent over the next six months, amid "significant risks" to its inflation projections.
Meanwhile, official estimates suggest annualized inflation in the euro zone was only 0.4 percent in October. This was down from 0.7 percent a year ago, and far below the European Central Bank's target rate of close to 2.0 percent.
In the U.S., the consumer price index (CPI) increased by 1.7 percent on the previous 12 months in September, according to the Bureau of Labor Statistics.
Bell noted that historically, telecoms, media and health care companies have benefited when commodity and producer prices declined relative to the CPI.
"Consumer sectors have tended to gain historically," she said. "This may seem counterintuitive as they are not known to have high commodity inputs, but they gain from not requiring higher commodity inflation to set their prices, and from the real income boost to consumers."
At present, prices for imported raw material into Europe are declining by 4-7 percent, according to Goldman. Oil prices have fallen sharply this year and metals have also declined.
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