For evidence supporting such global factors, see Claudio Borio and Andrew Filardo (2007), “Globalisation and Inflation: New Cross-Country Evidence on the Global Determinants of Domestic Inflation (PDF),” BIS Working Papers 227 (Basel, Switzerland: Bank for International Settlements, May).
For a more skeptical take, see Jane Ihrig, Steven B. Kamin, Deborah Lindner, and Jaime Marquez (2007), “Some Simple Tests of the Globalization and Inflation Hypothesis (PDF),” International Finance Discussion Papers 891 (Washington: Board of Governors of the Federal Reserve System, April).