Our world inflation proxy, which simply takes the equal-weighted, year-over-year change for 33 different countries CPI, hit its lowest level since November 2009. The proxy stands at 1.72%  which is just lower than the level it hit in February. We identify six countries, all in Europe, where the year-over-year change in consumer prices is basically zero (Switzerland, Sweden) or there is currently outright deflation in consumer prices. Charts of those countries are below.