A NS Sherlock report from the OECD shows G20 inflation dropping to 2.5% from 2.6% in October while OECD area inflation stayed steady at 1.7%.

Japan saw a drop to 2.9% from 3.2% prior while the US stayed put at 1.7%

OECD monthly global inflation 02 12 2014

OECD monthly global inflation 02 12 2014

Aside from Europe, looking at this report overall there’s not much wrong with the inflation picture right now, if we use 2% as the general yardstick. Of course the picture can change, and there’s plenty going against inflation, but right now things aren’t as bad as some might make out.