OECD annual inflation up to 0.6% in May 2015 Annual inflation in the

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OECD Consumer Price Index Paris, 2 July 2015

1

OECD annual inflation up to 0.6% in May 2015

Annual inflation in the OECD area picked up to 0.6% in the year to May 2015, compared with 0.4% in April.

This increase in the annual rate of inflation mainly reflected the slower decline in energy prices at -10.0% in May, as compared with -11.5% in the year to April. Food price inflation slowed to 1.6% in May, compared with 1.8% in April.

Excluding food and energy, the OECD annual inflation rate was stable at 1.6%.

Consumer prices, selected areas

May 2015, percentage change on the same month of the previous year

0.0 0.6

-16.3 1.7

-7.0 -6.0 -5.0 -4.0 -3.0 -2.0 -1.00.0 1.0 2.0

United States

0.6 1.6

-10.0 1.6

-7.0 -6.0 -5.0 -4.0 -3.0 -2.0 -1.00.01.02.0

OECD Total

0.3 0.9

-4.8 0.9

-7.0 -6.0 -5.0 -4.0 -3.0 -2.0 -1.00.0 1.0 2.0

Euro area (HICP)

All items Food Energy All items non food non energy

OECD-Total¹(CPI) and euro area (HICP) Percentage change on the same month of the previous year

-1.0 0.0 1.0 2.0 3.0 4.0 5.0

2009M1 2010M1 2011M1 2012M1 2013M1 2014M1 2015M1

%

OECD, All items OECD, All items non food non energy Euro area, All items Euro area, All items non food non energy

Annual inflation in May 2015 increased in all major OECD economies, except Japan, where it slowed to 0.5%, down from 0.6% in April. Annual inflation increased in France (to 0.3%, up from 0.1%), Germany (to 0.7%, up from 0.5%), Italy and the United Kingdom (to 0.1%, up from -0.1%), the United States (to 0.0%, up from -0.2%) and Canada (to 0.9%, up from 0.8%).

Euro area annual inflation, as measured by the HICP, was 0.3% in May, compared with 0.0% in April.

Inflation excluding food and energy picked up to 0.9% compared with 0.6% in April. The Eurostat’s flash estimate for June 2015 points to an annual inflation of 0.2%.

Annual inflation in the G20 area² was 2.6%³ in May 2015, with a wider variation of inflation rates across non OECD countries. Annual inflation increased in Indonesia (to 7.1%), Brazil (to 8.5%) and Saudi Arabia (to 2.1%).

By contrast, it decreased in Russian Federation (to 15.8%), China (to 1.2%), India (to 5.7%) and South Africa (to 4.4%).

1Data related to the graph can be found at the following address:http://stats.oecd.org/index.aspx?queryid=22519

2 See remarks on G20 in the methodological notes.

3Data related to G20 area can be found at the following address: http://stats.oecd.org/Index.aspx?DataSetCode=G20_PRICES

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2 2013 2014

Average May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

OECD-Total 1.6 1.7 2.1 2.1 2.0 1.8 1.7 1.7 1.5 1.1 0.5 0.6 0.6 0.4 0.6

G7 1.3 1.6 2.0 2.0 1.8 1.7 1.6 1.6 1.3 0.8 0.2 0.3 0.3 0.0 0.2

Euro area (HICP) 1.3 0.4 0.5 0.5 0.4 0.4 0.3 0.4 0.3 -0.2 -0.6 -0.3 -0.1 0.0 0.3 European Union (HICP 1.5 0.6 0.6 0.7 0.5 0.5 0.4 0.5 0.3 -0.1 -0.5 -0.3 -0.1 0.0 0.3 Major seven countries

Canada 0.9 1.9 2.3 2.4 2.1 2.1 2.0 2.4 2.0 1.5 1.0 1.0 1.2 0.8 0.9

France 0.9 0.5 0.7 0.5 0.5 0.4 0.3 0.5 0.3 0.1 -0.4 -0.3 -0.1 0.1 0.3

Germany 1.5 0.9 0.9 1.0 0.8 0.8 0.8 0.8 0.6 0.2 -0.3 0.1 0.3 0.5 0.7

Italy 1.2 0.2 0.5 0.3 0.1 -0.1 -0.2 0.1 0.2 0.0 -0.6 -0.1 -0.1 -0.1 0.1

Japan 0.4 2.7 3.7 3.6 3.4 3.3 3.2 2.9 2.4 2.4 2.4 2.2 2.3 0.6 0.5

United Kingdom 2.6 1.5 1.5 1.9 1.6 1.5 1.2 1.3 1.0 0.5 0.3 0.0 0.0 -0.1 0.1 United States 1.5 1.6 2.1 2.1 2.0 1.7 1.7 1.7 1.3 0.8 -0.1 0.0 -0.1 -0.2 0.0 G20 and other non OECD G20 economies

G20* 3.3 .. 3.2 3.1 3.0 2.8 2.8 2.6 2.4 2.8 b 2.5 2.6 2.7 2.5 2.6

Argentina* 10.6 .. .. .. .. .. .. .. .. 23.9 b 20.9 18.0 16.5 15.8 15.3

Brazil 6.2 6.3 6.4 6.5 6.5 6.5 6.7 6.6 6.6 6.4 7.1 7.7 8.1 8.2 8.5

China 2.6 2.0 2.5 2.3 2.3 2.0 1.6 1.6 1.4 1.5 0.8 1.4 1.4 1.5 1.2

India 10.9 6.4 7.0 6.5 7.2 6.8 6.3 5.0 4.1 5.9 7.2 6.3 6.3 5.8 5.7

Indonesia 6.4 6.4 7.3 6.7 4.5 4.0 4.5 4.8 6.2 8.4 7.0 6.3 6.4 6.8 7.1

Russian Federation 6.8 7.8 7.6 7.8 7.4 7.6 8.0 8.3 9.1 11.4 15.0 16.7 16.9 16.4 15.8 Saudi Arabia 3.5 2.7 2.7 2.7 2.6 2.8 2.8 2.6 2.5 2.4 2.2 2.1 2.0 2.0 2.1 South Africa 5.8 6.1 6.8 6.8 6.6 6.4 5.9 5.9 5.8 5.3 4.4 4.0 4.0 4.5 4.4

2013 2014

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

OECD-Total 1.6 1.8 1.9 2.0 1.9 1.9 1.8 1.8 1.8 1.8 1.8 1.7 1.7 1.6 1.6

G7 1.3 1.6 1.8 1.8 1.7 1.7 1.7 1.7 1.5 1.6 1.6 1.6 1.6 1.4 1.4

Euro area (HICP) 1.1 0.8 0.7 0.8 0.8 0.9 0.8 0.7 0.7 0.8 0.6 0.7 0.6 0.6 0.9 European Union (HICP 1.2 0.9 0.8 0.9 0.9 1.0 0.8 0.8 0.7 0.8 0.8 0.8 0.7 0.7 0.9 Major seven countries

Canada 0.8 1.6 1.3 1.5 1.5 1.9 1.8 2.0 2.1 2.2 2.4 2.4 2.6 2.6 2.4

France 0.7 0.9 0.9 0.8 0.8 1.1 0.9 0.8 0.6 0.8 0.9 0.6 0.7 0.8 0.9

Germany 1.2 1.4 1.2 1.4 1.3 1.3 1.3 1.2 1.1 1.3 1.1 1.3 1.2 1.3 1.4

Italy 1.1 0.9 1.0 0.9 0.9 0.7 0.6 0.7 0.8 1.0 0.4 0.7 0.4 0.4 0.6

Japan -0.1 1.9 2.3 2.3 2.3 2.4 2.4 2.3 2.1 2.1 2.2 2.1 2.1 0.4 0.4

United Kingdom 2.1 1.6 1.6 2.0 1.8 1.9 1.5 1.5 1.2 1.3 1.4 1.2 1.0 0.8 0.9 United States 1.8 1.7 2.0 1.9 1.9 1.7 1.7 1.8 1.7 1.6 1.6 1.7 1.8 1.8 1.7

* See remarks on G20 and Argentina in the methodological notes b: break

Percentage change on the same month of the previous year Average

2015 2014

Consumer prices, All items, selected countries

Percentage change on the same month of the previous year

Consumer prices, All items non food non energy, selected countries

2015 2014

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3 Consumer prices, OECD countries, selected items

May 2015, percentage change on the same month of the previous year

CPI HICP

OECD-Total 0.6 1.6 -10.0 1.6

G7 0.2 1.1 -11.7 1.4

European Union (HICP) 0.3 0.5 -4.8 0.9

Euro area (HICP) 0.3 0.9 -4.8 0.9

Australia ¹ 1.3 1.6 -12.9 2.7

Austria 1.0 1.0 1.1 -5.0 1.7

Belgium 0.6 0.8 1.3 -5.2 1.0

Canada 0.9 4.1 -11.8 2.4

Chile 4.0 7.7 -6.2 4.2

Czech Republic 0.7 0.7 -0.3 -0.8 1.4

Denmark 0.6 0.4 1.1 -5.6 1.3

Estonia 0.1 0.5 -0.2 -3.3 1.1

Finland 0.0 0.1 -1.3 -3.2 0.5

France 0.3 0.3 0.3 -2.2 0.9

Germany 0.7 0.7 1.4 -5.0 1.4

Greece -2.1 -1.4 0.5 -9.1 -1.4

Hungary 0.5 0.6 1.0 -5.1 2.1

Iceland 1.6 0.3 2.6 -3.7 2.0

Ireland -0.3 0.2 -2.5 -5.4 0.7

Israel -0.4 0.1 -10.7 0.6

Italy 0.1 0.2 1.0 -5.9 0.6

Japan 0.5 3.9 -6.0 0.4

Korea 0.5 2.2 -15.0 2.2

Luxembourg 0.7 0.4 0.5 -5.8 1.7

Mexico 2.9 4.4 3.3 2.4

Netherlands 1.1 0.7 0.6 -4.0 1.9

New Zealand ¹ 0.1 1.0 -6.0 0.9

Norw ay 2.1 2.0 2.6 -0.9 2.0

Poland -0.7 -0.6 -2.2 -2.9 0.6

Portugal 1.0 1.0 2.1 -2.4 1.0

Slovak Republic -0.1 -0.1 0.2 -2.9 0.9

Slovenia -0.5 -0.8 1.3 -5.0 -0.1

Spain -0.2 -0.3 1.3 -6.4 0.4

Sw eden 0.1 0.9 2.9 -3.3 0.8

Sw itzerland -1.2 -0.9 -1.2 -9.2 -0.5

Turkey 8.1 8.3 12.8 0.7 7.6

United Kingdom -1.8 -6.4 0.9

United States 0.0 0.6 -16.3 1.7

1 Percentage change Q1 2014 to Q1 2015 ..: not available

Food Energy All items non food non

energy All items

CPI CPI CPI

0.1

For further information on CPI data published by the OECD see Methodological Notes:

http://www.oecd.org/std/pricesandpurchasingpowerparitiesppp/47010757.pdf

All CPI data are available at: http://stats.oecd.org/Index.aspx?DataSetCode=MEI_PRICES

Contacts: For further information contact the OECD's Media Relations Division on (33) 1 45 24 97 00 or e-mail news.contact@oecd.org.

Next release: 4 August 2015.