This co-movement partly reflects the large changes in global commodity prices over recent years. When global oil prices went up, they boosted the CPI in almost all countries, and when they went down during the financial crisis, they led to CPI inflation falling almost everywhere. Movements in food prices had a similar global effect.
Graph 7  In terms of underlying inflation, we also see some co-movement across countries over recent years, although somewhat less than in headline inflation (Graph 8).