Inflation rates across the world's largest economies eased for the third straight month in August, reflecting disappointing economic growth and indicating that central banks are unlikely to rush to tighten policy.

The Organization for Economic Cooperation and Development said on Tuesday that the annual rate of inflation in its 34 members fell to 1.8% in August from 1.9% in July, the second straight month of decline. Among the Group of 20 leading developed and developing economies it fell to 2.7% from 2.8%. The G-20 accounts for 90% of global economic activity. [...]

But only in Europe are there a growing number of countries where consumer prices are lower than they were a year earlier. According to the OECD, nine of its members experienced a decline in prices over the 12 months to August, all of those being in Europe: Estonia, Greece, Italy, Poland, Portugal, the Slovak Republic, Slovenia, Spain and Sweden. That was up from six countries in July.