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

OECD Consumer Price Index Paris, 1 December 2015

1

OECD annual inflation up to 0.6% in October 2015

Annual inflation in the OECD area picked up to 0.6% in the year to October 2015, compared with 0.4% in September. In the year to October, energy prices fell at a slower pace (by 11.6%) than in the year to September (by 12.4%). Food price inflation increased slightly to 1.5% compared with 1.4% in September. Excluding food and energy, the OECD annual inflation rate remained stable at 1.8% in October.

Consumer prices, selected areas

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

0.2 0.7

-17.1 1.9

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

United States

0.6 1.5

-11.6 1.8

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

OECD Total

0.1 1.4

-8.5 1.1

-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 picked up moderately or remained stable in all major OECD economies in October 2015.

Annual inflation increased in Germany and Japan (to 0.3% up from 0.0%), the United States (to 0.2%, up from 0.0%), France (to 0.1%, up from 0.0%) and Italy (to 0.3%, up from 0.2%). It remained stable in Canada (at 1.0%) and the United Kingdom (-0.1%). Among other OECD countries, annual inflation was at 7.6% in Turkey and at 2.5% in Mexico.

Euro area annual inflation, as measured by the HICP, increased to 0.1% in October, up from -0.1% in September. Excluding food and energy, euro area annual inflation increased to 1.1% in October up from 0.9% in September.

Annual inflation picked up slightly in the G20 area² to 2.5%³ in October 2015. Among non-OECD countries, annual inflation increased in Brazil (to 9.9%), South Africa (to 4.6%) and Saudi Arabia (to 2.4%). On the other hand, annual inflation decreased in Indonesia (to 6.2%), China (to 1.3%) and marginally in the Russian Federation (to 15.6%).

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

OECD Consumer Price Index Paris, 1 December 2015

2 2013 2014

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

OECD-Total 1.6 1.7 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

G7 1.3 1.6 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

Euro area (HICP) 1.3 0.4 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

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

Canada 0.9 1.9 2.4 2.0 1.5 1.0 1.0 1.2 0.8 0.9 1.0 1.3 1.3 1.0 1.0

France 0.9 0.5 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

Germany 1.5 0.9 0.8 0.6 0.2 -0.3 0.1 0.3 0.5 0.7 0.3 0.2 0.2 0.0 0.3

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

Japan 0.4 2.7 2.9 2.4 2.4 2.4 2.2 2.3 0.6 0.5 0.4 0.2 0.2 0.0 0.3

United Kingdom 2.6 1.5 1.3 1.0 0.5 0.3 0.0 0.0 -0.1 0.1 0.0 0.1 0.0 -0.1 -0.1

United States 1.5 1.6 1.7 1.3 0.8 -0.1 0.0 -0.1 -0.2 0.0 0.1 0.2 0.2 0.0 0.2

G20 and other non OECD G20 economies

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

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 6.6 6.4 7.1 7.7 8.1 8.2 8.5 8.9 9.6 9.5 9.5 9.9

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

India 10.9 6.4 5.0 4.1 5.9 7.2 6.3 6.3 5.8 5.7 6.1 4.4 4.3 5.1 ..

Indonesia 6.4 6.4 4.8 6.2 8.4 7.0 6.3 6.4 6.8 7.1 7.3 7.3 7.2 6.8 6.2

Russian Federation 6.8 7.8 8.3 9.1 11.4 15.0 16.7 16.9 16.4 15.8 15.3 15.6 15.7 15.7 15.6

Saudi Arabia 3.5 2.7 2.6 2.5 2.4 2.2 2.1 2.0 2.0 2.1 2.2 2.2 2.1 2.3 2.4

South Africa 5.8 6.1 5.9 5.8 5.3 4.4 4.0 4.0 4.5 4.4 4.6 4.7 4.5 4.5 4.6

2013 2014

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

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

G7 1.4 1.6 1.7 1.5 1.6 1.6 1.6 1.6 1.4 1.4 1.4 1.5 1.5 1.6 1.6

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

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

Major seven countries

Canada 0.8 1.6 2.0 2.1 2.2 2.4 2.4 2.6 2.6 2.4 2.3 2.3 2.2 2.4 2.2

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

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

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

Japan -0.1 1.9 2.3 2.1 2.1 2.2 2.1 2.1 0.4 0.4 0.7 0.8 0.8 0.9 0.9

United Kingdom 2.1 1.6 1.5 1.2 1.3 1.4 1.2 1.0 0.8 0.9 0.8 1.2 1.0 1.0 1.1

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

* 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

OECD Consumer Price Index Paris, 1 December 2015

3 Consumer prices, OECD countries, selected items

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

CPI HICP

OECD-Total 0.6 1.5 -11.6 1.8

G7 0.2 1.2 -13.6 1.6

European Union (HICP) 0.0 0.7 -8.2 0.9

Euro area (HICP) 0.1 1.4 -8.5 1.1

Australia ¹ 1.5 -0.7 -5.1 2.5

Austria 0.7 0.7 0.5 -9.5 1.9

Belgium 1.3 1.2 3.2 -3.2 1.3

Canada 1.0 4.6 -10.4 2.2

Chile 4.0 4.4 -3.8 4.8

Czech Republic 0.2 0.2 -0.9 -3.2 1.5

Denmark 0.4 0.2 1.2 -7.8 1.3

Estonia -0.6 0.0 -0.1 -9.7 1.8

Finland -0.3 -0.3 -1.3 -8.0 0.7

France 0.1 0.2 1.0 -5.7 1.0

Germany 0.3 0.2 1.3 -8.7 1.5

Greece -0.9 -0.1 3.1 -9.5 -0.5

Hungary 0.1 0.2 1.5 -8.8 2.3

Iceland 1.8 0.4 4.2 -6.4 2.2

Ireland -0.2 0.0 -1.3 -10.9 1.4

Israel -0.7 3.6 -15.8 0.0

Italy 0.3 0.3 1.9 -7.8 0.9

Japan 0.3 4.1 -11.9 0.9

Korea 0.9 1.9 -13.6 2.6

Luxembourg 0.5 -0.1 1.6 -11.6 1.8

Mexico 2.5 3.0 1.0 2.5

Netherlands 0.7 0.4 1.3 -7.6 1.7

New Zealand ¹ 0.4 0.5 -3.2 1.1

Norway 2.5 2.4 3.3 -3.7 2.7

Poland -0.9 -0.6 0.3 -5.5 0.3

Portugal 0.6 0.7 1.3 -4.8 0.9

Slovak Republic -0.5 -0.5 0.8 -5.1 0.7

Slovenia -0.8 -1.1 1.1 -8.2 0.1

Spain -0.7 -0.9 1.9 -13.1 0.8

Sweden 0.1 0.9 3.1 -4.7 1.1

Switzerland -1.4 -1.2 -0.6 -10.8 -0.7

Turkey 7.6 7.7 8.7 -2.7 9.0

United Kingdom -2.7 -8.5 1.1

United States 0.2 0.7 -17.1 1.9

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: 7 January 2016.