Is Disinflation Really a Global Problem?

Apparently, the recent decline in inflation rates in the US and the Eurozone has alarmed some folks. See, for instance:

http://www.economist.com/news/leaders/21589424-both-america-and-europe-central-bankers-should-be-pushing-prices-upwards-perils-falling

It is worth noting that the world economy actually includes more regions than just the US and the Eurozone. Many emerging markets are in fact tightening monetary policy due to persistently high inflation.

It is also relevant to observe that the low inflation figures in the US and Eurozone have been reported only for the past few months. Two or three months of data do not make a trend.