For the most part, inflation around the world is still pretty low.
"Developed markets have been battling against extremely low inflation. ... Countries have been dipping in and out of deflation and the drag from energy prices has played a significant role in this story," according to HSBC's James Pomeroy.
Core inflation in the US has been "loitering around the lower region of the 'comfort zone,'" while inflation in Asia has been moving toward zero.
Food and oil prices are pulling India down, and something similar is happening in Taiwan and South Korea. Meanwhile, Japan's core inflation has slowed as consumption tax has dropped out.
But the good news is, "this is now supporting real wage gains," according to Pomeroy.
Check out the whole map below. As you can see in red, inflation is lowest in the developed world.
HSBC