Is this the time to buy bond for investment?

Is bond fund or individual bond better for investment?

Contrary to the other answer here, inflation is the worst thing possible for bond holders. (Inflation eats up an increasingly larger part of your FIXED interest payments. As a person who will be earning the same amount of interest over the life of the bond, you want inflation to stay as low as possible)

The key difference between a bond fund or an individual bond is diversification risk. It is the old "all your eggs in one basket" answer.
I would suggest a bond fund, as it can diversify away both credit risk and to a certain level, interest rate risk by providing you with a mix of long and short bonds.
One of the biggest issues you are going to run into right now is is the flatness of the curve. Given the uncertainty of the federal' reserves next move on interest rates, the curve is very flat. Traditionally, the longer maturity bond you buy, the more interest (yield) that you receive.
Currently the curve is "flat" which means that there is very little reward on going out investing in "longer" maturities.
If you are going to invest in a single bond, I think the safest place to be at the moment is in the 5-10 year sector of the curve, as it will give you incrementally more yield without exposing you to the longer maturities which will lose much more value if rates increase. Consequently, if that happens, hold your bond to maturity, and then you can reinvest the proceeds at those higher rates.
I would suggest you stay in a fund if you can, as bonds are more fickle and less straight forward than something like stocks, and it is better to have a professional keep track of them.
When to invest in bonds as a whole? the best "simple" answer is when the economy is getting worse. This forces interest rates down, which helps increase the value of the bonds you bought with a higher interest rate. When the economy is good, the fed seeks to slow down inflation by raising rates, which makes your bonds worth less.
Right now is a split decision on buying bonds. We have a slowing economy, however inflation is still strong. So there is no clear direction in what the federal reserve is going to do on rates. In the short term (6 months) it looks like they will be held where they are.

Yep bond are great when inflation kicks in big time.

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Drew is soo far off, he should remove that embarassing answer and read the other one.

Like everything in investments...it depends on your situation and investment objectives. But that said, I would generally not recommend bond investments right now. I am not convinced inflation will abate without serious Fed involvement (as mentioned above, inflation errodes the value of fixed interest rate payments - a bad thing for bonds). Also, from a valuation perspective, bonds have really tight credit spreads right now indicating they are a bit expensive. Unless you believe the econony is really going into the crapper soon, I would avoid bonds and focus on commodities or international investments right now. Good luck.