Deflation is everywhere. This month electricity prices are falling. Variable interest rates are being cut. Fuel prices at the pumps have been coming down for the past two years.

As Mario Draghi prepares to ramp up debt purchases starting Friday in his biggest assault against eurozone deflation risks, he’s about to get another sense of the magnitude of the challenge.

Mario Draghi is about to attempt his 11th round in the ECB’s epic fight against the threat of deflation.

The eurozone ended four months of deflation in April, with consumer prices unchanged from year-ago levels, removing the threat of persistent price declines as energy costs pushed up in the month.