Our basic proxy for global inflation continues to fall further. The year-over-year change of the CPI of 33 countries (using a simple average) has fallen for eight straight months and now sits at just 1.42%. 11 of the 33 countries that we track now have a negative (or no change) year-over-year percentage rate in its CPI index. Also, another 11 countries have a CPI year-over-year change at or below 1%. Lastly, our world PPI proxy has just broken down below -2%. Other than in 2009, this is the lowest level going back to 2000.