OECD annual inflation picks up to 0.9% in December 2015 Annual inflation in the

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OECD Consumer Price Index Paris, 2 February 2016

1

OECD annual inflation picks up to 0.9% in December 2015

Annual inflation in the OECD area picked up to 0.9% in December 2015, compared with 0.7% in November.

This increase mainly reflected a slower decline in energy prices (-8.6% in December, compared with -10.0% in November), while food price inflation decreased (to 0.8%, compared with 1.2%). Excluding food and energy, the OECD annual inflation rate rose slightly to 1.9% in December, compared with 1.8% in November.

Consumer prices, selected areas

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

0.7 -0.4

-12.6 2.1

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

United States

0.9 0.8

-8.6 1.9

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

OECD Total

0.2 1.0

-5.8 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 December 2015, the picture was mixed across major OECD economies. Annual inflation increased in Canada (to 1.6%, up from 1.4%), the United States (to 0.7%, up from 0.5%), the United Kingdom (to 0.2%, up from 0.1%) and France (to 0.2%, up from 0.0%). It remained stable in Italy (at 0.1%) and decreased slightly in Germany (to 0.3%, down from 0.4%) and Japan (to 0.2%, down from 0.3%).

Euro area annual inflation, as measured by the HICP, increased slightly (to 0.2% in December, up from 0.1%).

Excluding food and energy, euro area annual inflation was stable at 0.9%. Eurostat’s flash estimate for January 2016 points to a further increase in annual inflation, to 0.4%.

Annual inflation was stable in the G20 area² at 2.7%³ in December. Among non-OECD countries, annual inflation increased in South Africa (to 5.2%), Brazil (to 10.7%) and marginally in China (to 1.6%). On the other hand, annual inflation decreased in the Russian Federation (to 12.9%), Indonesia (to 3.4%) and India (to 6.3%), while it remained stable in Saudi Arabia (at 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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2 2014 2015 2014

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

OECD-Total 1.7 0.6 1.1 0.5 0.6 0.6 0.4 0.6 0.6 0.6 0.6 0.4 0.6 0.7 0.9

G7 1.6 0.2 0.8 0.2 0.3 0.3 0.0 0.2 0.2 0.2 0.2 0.0 0.2 0.4 0.6

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

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

Canada 1.9 1.1 1.5 1.0 1.0 1.2 0.8 0.9 1.0 1.3 1.3 1.0 1.0 1.4 1.6

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

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

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

Japan 2.7 0.8 2.4 2.4 2.2 2.3 0.6 0.5 0.4 0.2 0.2 0.0 0.3 0.3 0.2

United Kingdom 1.5 0.0 0.5 0.3 0.0 0.0 -0.1 0.1 0.0 0.1 0.0 -0.1 -0.1 0.1 0.2

United States 1.6 0.1 0.8 -0.1 0.0 -0.1 -0.2 0.0 0.1 0.2 0.2 0.0 0.2 0.5 0.7

G20 and other non OECD G20 economies

G20* .. 2.6 b 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 b 2.7

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

Brazil 6.3 9.0 6.4 7.1 7.7 8.1 8.2 8.5 8.9 9.6 9.5 9.5 9.9 10.5 10.7

China 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 1.6

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

Indonesia 6.4 6.4 8.4 7.0 6.3 6.4 6.8 7.1 7.3 7.3 7.2 6.8 6.2 4.9 3.4

Russian Federation 7.8 15.5 11.4 15.0 16.7 16.9 16.4 15.8 15.3 15.6 15.7 15.7 15.6 15.0 12.9

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

South Africa 6.1 4.5 5.3 4.4 4.0 4.0 4.5 4.4 4.6 4.7 4.5 4.5 4.6 4.8 5.2

2014 2015 2014

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

OECD-Total 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 1.8 1.9

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

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

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

Major seven countries

Canada 1.6 2.3 2.2 2.4 2.4 2.6 2.6 2.4 2.3 2.3 2.2 2.4 2.2 2.1 1.9

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

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

Italy 0.9 0.6 1.0 0.4 0.7 0.4 0.4 0.6 0.7 0.7 0.8 0.9 0.9 0.6 0.5

Japan 1.9 1.1 2.1 2.2 2.1 2.1 0.4 0.4 0.7 0.8 0.8 0.9 0.9 1.0 1.0

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

United States 1.7 1.8 1.6 1.6 1.7 1.8 1.8 1.7 1.8 1.8 1.8 1.9 1.9 2.0 2.1

* 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

Percentage change on the same month of the previous year Average

2015

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3 Consumer prices, OECD countries, selected items

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

CPI HICP

OECD-Total 0.9 0.8 -8.6 1.9

G7 0.6 0.3 -10.2 1.7

European Union (HICP) 0.2 0.2 -5.6 0.9

Euro area (HICP) 0.2 1.0 -5.8 0.9

Australia ¹ 1.7 -0.4 -4.4 2.6

Austria 1.0 1.1 0.4 -6.2 1.8

Belgium 1.5 1.4 2.0 -1.6 1.6

Canada 1.6 4.1 -3.6 1.9

Chile 4.4 4.7 1.2 4.7

Czech Republic 0.1 -0.1 -2.6 -2.5 1.5

Denmark 0.5 0.3 1.1 -6.1 1.2

Estonia -0.9 -0.2 -0.5 -10.0 1.6

Finland -0.2 -0.3 -1.8 -4.4 0.4

France 0.2 0.3 0.5 -4.3 1.0

Germany 0.3 0.2 1.1 -6.5 1.1

Greece -0.2 0.4 2.8 -5.3 -0.2

Hungary 0.9 1.0 2.1 -4.5 1.9

Iceland 2.0 0.7 3.3 -5.0 2.4

Ireland 0.1 0.2 -1.0 -7.5 1.2

Israel -1.0 2.4 -13.7 -0.4

Italy 0.1 0.1 1.2 -5.4 0.5

Japan 0.2 2.8 -11.1 1.0

Korea 1.3 1.9 -12.0 2.8

Luxembourg 1.1 0.9 2.2 -7.8 1.8

Mexico 2.1 2.2 0.1 2.4

Netherlands 0.7 0.5 1.0 -5.3 1.5

New Zealand ¹ 0.1 -1.4 -3.5 1.0

Norway 2.3 2.4 2.4 -3.8 2.7

Poland -0.7 -0.5 0.0 -3.8 0.3

Portugal 0.4 0.3 0.0 -1.5 0.5

Slovak Republic -0.5 -0.5 -0.3 -4.8 0.9

Slovenia -0.5 -0.6 1.5 -6.7 0.3

Spain 0.0 -0.1 1.8 -7.5 0.8

Sweden 0.1 0.7 1.9 -3.1 0.8

Switzerland -1.3 -1.4 -1.2 -7.5 -0.9

Turkey 8.8 8.8 10.9 0.5 9.4

United Kingdom -2.9 -7.3 1.4

United States 0.7 -0.4 -12.6 2.1

1 Percentage change Q4 2014 to Q4 2015 ..: not available

Food Energy All items non food non

energy All items

CPI CPI CPI

0.2

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 [email protected].

Next release: 2 March 2016.