Prices set by producers in the euro area and those set by producers in trading partner countries are indeed highly correlated. 3 Also depressing global inflation has been the slump in demand for energy and commodities linked to the slowdown in emerging markets. This has fed not just into lower headline  1  Inflation as a global phenomenon has been documented e.g.
I have already discussed the case of petrol, but there is surely little doubt that the prices of tradable goods and services generally are lower today than they would have been if the exchange rate had been at its long run average level.