Inflation rates across the world's developed economies have fallen to their lowest levels since the recession that followed the global financial crisis, likely prompting further cuts in benchmark interest rates or other easing measures by central banks around the world. The Organization for Economic Cooperation and Development Tuesday said the annual rate of inflation in its 34 members fell to 1.1% in December from 1.5% in November, the lowest level since October 2009. Slowing inflation rates largely reflect the sharp decline in energy prices over the second half of 2014, but also the disappointingly weak performance of the global economy. The worry for policy makers is that low inflation will itself hinder a long-awaited economic recovery. When inflation is low, companies, households and even governments have a harder time cutting their debt loads, a particular problem for a number of highly-indebted nations in the eurozone. And while very low inflation or falling prices can help boost real incomes, it can also make households and businesses postpone spending and investment. Some economists say it is the biggest problem facing the global economy as it enters 2015, and will likely lead to further stimulus efforts by a number of central banks, while others will wait longer to raise their benchmark interest rates from unusually low levels. Indeed, 2015 has begun with a series of moves by central banks to boost growth and inflation rates. The Reserve Bank of Australia became the latest to do so Tuesday, cutting its cash rate to a record low of 2.25% from 2.5%. That followed the launch of a new program of quantitative easing by the European Central Bank, a surprise rate cut by the Reserve Bank of India, three rate cuts by Denmark's central bank, and a rate cut by the Swiss National Bank. By contrast, the U.S. Federal Reserve has signaled its desire to raise its benchmark interest rate late this year, anticipating a pickup in inflation after energy prices stabilize. Among OECD members, energy prices fell 6.3% in the 12 months to December, having fallen by 2.2% in the 12 months to November. Excluding food and energy, the "core" rate of inflation across the OECD was unchanged at 1.8%, an indication that prices of other goods and services have yet to fall in line with those of energy products. Only in Europe have falling energy prices contributed to consumer prices that are lower than they were a year earlier. According to the OECD, 13 of its members experienced a decline in prices over the 12 months to December, only one of which wasn't European: Belgium, Estonia, Greece, Hungary, Ireland, Israel, Luxembourg, Poland, Portugal, Slovakia, Spain, Sweden and Switzerland. A preliminary estimate for January indicates consumer prices in the eurozone fell 0.6% from their level a year earlier, having fallen 0.2% in December. Figures released Tuesday by the European Union's statistics agency showed the prices of goods leaving the eurozone's factory gates were 1.0% lower in December than in November, the largest fall in a single month since January 2009. However, across the Group of 20 largest economies--which account for 90% of world economic output--the annual rate of inflation rose to 2.5% from 2.4% in November. Inflation rates picked up in Russia, Indonesia and India. After many months of concern about the accuracy of its data on consumer prices, the OECD counted Argentina in its calculation of the G-20 inflation rate. By this expanded measure, it rose to 2.8% in December from 2.4% in November. Paul Hannon