Our world inflation proxy, which is simply the average of 33 different CPIs from around the world, dropped back to 1.12% YoY in July. Global inflation has been in a tight range for all of 2015 as the YoY change has remained between 1.12%-1.31%. 10 of the 33 countries we track currently have negative YoY growth rates.
Producer prices have now been negative for an entire year. The world PPI proxy, which is simply the average of 22 different PPIs from around the world, is currently declining at a rate of -2.02% YoY. The PPI proxy has had a negative YoY growth rate since July 2014.