Small increase in US, OECD annual inflation rate mainly driven by energy prices

Posted by Elena del Valle on February 5, 2014

Consumer prices, selected areas December 2013, percentage change on the same month of the previous year – click to enlarge

Image: Organization for Economic Co-operation and Development (OECD)

Annual inflation rose in the United States to 1.5 percent up from 1.2 percent, according to Organization for Economic Co-operation and Development (OECD) figures released this week. In Canada, the change was 1.2 percent in December 2013 up from 0.9 percent in November 2013 while in Germany it went to 1.4 percent up from 1.3 percent; and Japan it went to 1.6 percent up from 1.5 percent. It remained at 0.7 percent in France and Italy and dropped in the United Kingdom to 2 percent down from 2.1 percent. The overall Euro area annual inflation increased to 0.9 percent in December, compared with 0.8 percent in November.

In the OECD area, consumer prices went up by 1.6 percent in the year to December 2013, compared with 1.5 percent in the year to November 2013. This minor increase in the annual rate of inflation was driven for the most part by energy prices which increased by 1.7 percent in the year to December, compared with stable prices in November. The annual price inflation of food was steady at 1.5 percent in December. The OECD annual inflation rate excluding food and energy was also stable at 1.6 percent in December.

The OECD tracks changes in developed countries and provides a forum for member governments to compare policy experiences, search for answers to common problems, identify good practices and coordinate domestic and international policies.