Last month we mentioned how world inflation had reached a 56-month low. Well, the latest data (through August) shows world inflation, by our simple average of 33 countries year-over-year change in CPI, is creeping lower again. The latest reading stands at 1.65%. Also last month, we noted how there were six European countries that had year-over-year changes in their CPI of approximately 0% or less. We can add two more names to that list as Belgium and Israel are now at the zero bound or below.