Global Consumer Price Inflation Still Trending Lower in September

In the below charts we take the average YoY% change in consumer prices for 33 countries around the world. What we see is a trend of disinflation that started in mid-2011 and continued through September. This might help explain the weakness we've seen in gold over the last year, though the big divergence in Global CPIs and the MSCI World Index has us perplexed. In any case, we'd like to see prices become a bit firmer from here, and we are sure the Fed would too.