Year-on-year inflation in advanced economies fell for the second consecutive month in September, according to the Organisation for Economic Cooperation and Development (OECD), increasing pressure on major central banks to do more to fend off the threat of deflation.

The figures, which saw inflation in the rich country club fall to its lowest level since Japan emerged from deflation this summer, come on the heels of yesterday's forecast by the European Commission for below-target inflation in the