OECD annual inflation up to 0.7% in November 2015 Annual inflation in the

OECD Consumer Price Index Paris, 7 January 2016 OECD annual inflation up to 0.7% in November 2015

Annual inflation in the OECD area picked up slightly to 0.7% in November 2015, compared with 0.6% in October. In the year to November, energy prices fell at a slower pace (by 10.0%) than in the year to October (by 11.7%) while annual food price inflation slowed to 1.2% compared with 1.5% in October. Excluding food and energy, the OECD annual inflation rate was stable at 1.8% in November.

Consumer prices, selected areas

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

0.5 0.3

-14.7 2.0

-7.0-6.0 -5.0-4.0 -3.0-2.0 -1.00.01.02.03.0

United States

0.7 1.2

-10.0 1.8

-7.0-6.0 -5.0-4.0 -3.0-2.0 -1.00.01.02.03.0

OECD Total

0.1 1.3

-7.3 0.9

-7.0-6.0 -5.0-4.0 -3.0-2.0 -1.00.01.02.03.0

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

In the year to November 2015, the picture was mixed across major OECD economies. Annual inflation increased in Canada (to 1.4%, up from 1.0%), the United States (to 0.5%, up from 0.2%), the United Kingdom (to 0.1%, up from -0.1%) and Germany (to 0.4%, up from 0.3%). It remained stable in Japan (at 0.3%) and slightly decreased in France (to 0.0%, down from 0.1%) and Italy (to 0.1%, down from 0.3%).

Euro area annual inflation, as measured by the HICP, was stable at 0.1% in November. Excluding food and energy, euro area annual inflation decreased to 0.9%, down from 1.1% in October. Eurostat’s flash estimate for December 2015 points to an annual inflation of 0.2%.

Annual inflation also picked up slightly in the G20 area² to 2.7%³ in November, up from 2.6% in October.

Among non-OECD countries, annual inflation increased in Brazil (to 10.5%), India (to 6.7%), China (to 1.5%) and South Africa (to 4.8%). On the other hand, annual inflation decreased in Indonesia (to 4.9%) and the Russian Federation (to 15.0%) and it declined marginally in Saudi Arabia (to 2.3%).

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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OECD Consumer Price Index Paris, 7 January 2016

2013 2014

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

OECD-Total 1.6 1.7 1.5 1.1 0.5 0.6 0.6 0.4 0.6 0.6 0.6 0.6 0.4 0.6 0.7

G7 1.3 1.6 1.3 0.8 0.2 0.3 0.3 0.0 0.2 0.2 0.2 0.2 0.0 0.2 0.4

Euro area (HICP) 1.3 0.4 0.3 -0.2 -0.6 -0.3 -0.1 0.0 0.3 0.2 0.2 0.1 -0.1 0.1 0.1

European Union (HICP) 1.5 0.6 0.3 -0.1 -0.5 -0.3 -0.1 0.0 0.3 0.1 0.2 0.0 -0.1 0.0 0.1 Major seven countries

Canada 0.9 1.9 2.0 1.5 1.0 1.0 1.2 0.8 0.9 1.0 1.3 1.3 1.0 1.0 1.4

France 0.9 0.5 0.3 0.1 -0.4 -0.3 -0.1 0.1 0.3 0.3 0.2 0.0 0.0 0.1 0.0

Germany 1.5 0.9 0.6 0.2 -0.3 0.1 0.3 0.5 0.7 0.3 0.2 0.2 0.0 0.3 0.4

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

Japan 0.4 2.7 2.4 2.4 2.4 2.2 2.3 0.6 0.5 0.4 0.2 0.2 0.0 0.3 0.3

United Kingdom 2.6 1.5 1.0 0.5 0.3 0.0 0.0 -0.1 0.1 0.0 0.1 0.0 -0.1 -0.1 0.1

United States 1.5 1.6 1.3 0.8 -0.1 0.0 -0.1 -0.2 0.0 0.1 0.2 0.2 0.0 0.2 0.5

G20 and other non OECD G20 economies

G20* 3.3 .. 2.4 2.8 b 2.5 2.6 2.7 2.5 2.6 2.6 2.5 2.5 2.4 2.6 2.7

Argentina* 10.6 .. .. 23.9 b 20.9 18.0 16.5 15.8 15.3 15.0 14.8 14.7 14.4 14.3 ..

Brazil 6.2 6.3 6.6 6.4 7.1 7.7 8.1 8.2 8.5 8.9 9.6 9.5 9.5 9.9 10.5

China 2.6 2.0 1.4 1.5 0.8 1.4 1.4 1.5 1.2 1.4 1.6 2.0 1.6 1.3 1.5

India 10.9 6.4 4.1 5.9 7.2 6.3 6.3 5.8 5.7 6.1 4.4 4.3 5.1 6.3 6.7

Indonesia 6.4 6.4 6.2 8.4 7.0 6.3 6.4 6.8 7.1 7.3 7.3 7.2 6.8 6.2 4.9

Russian Federation 6.8 7.8 9.1 11.4 15.0 16.7 16.9 16.4 15.8 15.3 15.6 15.7 15.7 15.6 15.0

Saudi Arabia 3.5 2.7 2.5 2.4 2.2 2.1 2.0 2.0 2.1 2.2 2.2 2.1 2.3 2.4 2.3

South Africa 5.8 6.1 5.8 5.3 4.4 4.0 4.0 4.5 4.4 4.6 4.7 4.5 4.5 4.6 4.8

2013 2014

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

OECD-Total 1.6 1.8 1.8 1.8 1.8 1.7 1.7 1.6 1.6 1.6 1.7 1.7 1.8 1.8 1.8

G7 1.4 1.6 1.5 1.6 1.6 1.6 1.6 1.4 1.4 1.4 1.5 1.5 1.5 1.6 1.6

Euro area (HICP) 1.1 0.8 0.7 0.8 0.6 0.7 0.6 0.6 0.9 0.8 1.0 0.9 0.9 1.1 0.9

European Union (HICP) 1.2 0.9 0.7 0.8 0.8 0.8 0.7 0.7 0.9 0.8 1.0 0.9 0.9 1.0 0.9

Major seven countries

Canada 0.8 1.6 2.1 2.2 2.4 2.4 2.6 2.6 2.4 2.3 2.3 2.2 2.4 2.2 2.1

France 1.1 0.9 0.6 0.8 0.9 0.6 0.7 0.8 0.9 0.9 1.0 0.9 0.9 1.0 1.0

Germany 1.2 1.4 1.1 1.3 1.1 1.3 1.2 1.3 1.4 1.1 1.1 1.3 1.3 1.5 1.3

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

Japan -0.1 1.9 2.1 2.1 2.2 2.1 2.1 0.4 0.4 0.7 0.8 0.8 0.9 0.9 1.0

United Kingdom 2.1 1.6 1.2 1.3 1.4 1.2 1.0 0.8 0.9 0.8 1.2 1.0 1.0 1.1 1.2

United States 1.8 1.7 1.7 1.6 1.6 1.7 1.8 1.8 1.7 1.8 1.8 1.8 1.9 1.9 2.0

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

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

Percentage change on the same month of the previous year Average

2015 2014

2

OECD Consumer Price Index Paris, 7 January 2016

Consumer prices, OECD countries, selected items November 2015, percentage change on the same month of the previous year

CPI HICP

OECD-Total 0.7 1.2 -10.0 1.8

G7 0.4 0.9 -11.7 1.6

European Union (HICP) 0.1 0.6 -6.9 0.9

Euro area (HICP) 0.1 1.3 -7.3 0.9

Australia ¹ 1.5 -0.7 -5.1 2.5

Austria 0.6 0.5 0.4 -8.1 1.5

Belgium 1.5 1.4 2.4 -2.4 1.7

Canada 1.4 3.7 -6.4 2.1

Chile 3.9 4.7 -3.8 4.7

Czech Republic 0.1 0.0 -1.4 -3.2 1.4

Denmark 0.3 0.1 0.7 -7.9 1.3

Estonia -0.1 0.5 0.0 -8.8 2.3

Finland -0.2 -0.2 -1.4 -5.8 0.4

France 0.0 0.1 0.8 -5.6 1.0

Germany 0.4 0.3 1.8 -7.4 1.3

Greece -0.7 -0.1 3.2 -8.5 -0.5

Hungary 0.5 0.6 1.9 -6.5 2.0

Iceland 2.0 0.5 4.0 -5.3 2.3

Ireland -0.2 -0.1 -1.3 -9.6 1.2

Israel -0.9 3.0 -14.9 -0.3

Italy 0.1 0.2 1.5 -6.8 0.6

Japan 0.3 3.5 -11.1 1.0

Korea 1.0 1.1 -13.0 2.7

Luxembourg 0.8 0.4 1.7 -9.7 1.9

Mexico 2.2 2.6 0.5 2.4

Netherlands 0.7 0.4 1.2 -5.9 1.5

New Zealand ¹ 0.4 0.5 -3.2 1.1

Norway 2.8 2.7 3.8 -1.0 2.6

Poland -0.8 -0.5 0.1 -4.4 0.3

Portugal 0.6 0.6 0.4 -3.4 1.0

Slovak Republic -0.4 -0.4 0.5 -4.8 0.8

Slovenia -0.5 -0.9 1.0 -8.4 0.7

Spain -0.3 -0.4 1.7 -9.9 0.9

Sweden 0.1 0.8 2.4 -2.9 0.7

Switzerland -1.4 -1.2 -0.6 -8.1 -1.0

Turkey 8.1 8.1 9.5 -1.2 9.2

United Kingdom -2.4 -8.0 1.2

United States 0.5 0.3 -14.7 2.0

1 Percentage change Q3 2014 to Q3 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: 2 February 2016.

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