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FOLKS WHO CONTINUE to expect inflation to pop up around every corner continue to be… wrong.

There’s basically none. Anywhere.

Here’s the latest from Eurostat.

Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in September (2.6%, compared with 3.2% in August), followed by services (1.5%, compared with 1.4% in August), non-energy industrial goods (0.3%, compared with 0.4% in August), and energy (-0.9%, compared with -0.3% in August).”

Cullen Roche points out that it’s the same story everywhere. Japan, the US, the UK, etc. Inflation is incredibly subdued despite what you hear about central banks pumping money like crazy.

All that being said, the hardcore inflationistas have long been discredited.

Now the folks at risk of looking silliest are the people who were convinced that the central banks could stoke inflation if they wanted to. They’re on the verge of being discredited as well.

via Eurostat

- Joe Weisenthal

30 Days in September: An Oral History of the Bank Guarantee>