Last summer, this column argued that global inflation trends had peaked and were set to fall. In the meantime, both headline and core inflation readings have continued to fall — indeed, even faster than consensus expectations. I think that this process has some distance to run, and given outright price levels, we may even see an overshoot to levels below two per cent.  The latest inflation data from the major advanced economies make for interesting reading. Let’s start in the eurozone. In November, headline CPI fell to 2.4 per cent year on year (y/y) — down from a peak of…

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