Just look at these recent statistics:
- Eurozone inflation has turned negative, leaving inflationary pressures in continental Europe lower "than at any time since at least the early 1950s," notes the Financial Times.
- U.S. consumer prices fell 1.3% in the 12 months to May, the biggest drop since 1950.
- Japan's consumer prices in May saw "the sharpest decrease since comparable figures were first compiled in 1971," Bloomberg reports.
- Inflation in the Gulf region in recent months dropped from double digits to low single figures, notes the FT. "In the United Arab Emirates, inflation has tumbled from a 20-year peak of 12.8% last year to 1.9% in April. Morgan Stanley last week forecast deflation of -6.4% for 2009 for the UAE, and -1% for 2010.