OECD annual inflation increases slightly to 1.7% in January 2014

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Paris, 4 March 2014 – Consumer prices in the OECD area rose by 1.7% in the year to January 2014, compared with 1.6% in the year to December 2013. This slight increase in the annual rate of inflation was mainly driven by energy prices which increased by 2.1% in the year to January compared with 1.7% in the year to December. Food price inflation slowed to 1.4% in the year to January compared with 1.5% in the year to December. Excluding food and energy, the OECD annual inflation rate was stable at 1.6% in January. 

Annual inflation picked up in Canada (1.5% in January, up from 1.2% in December) and the United States (1.6%, up from 1.5%). It was stable in France and Italy (both at 0.7%) for the third consecutive month, while it slowed in Japan (1.4%, down from 1.6%), Germany (1.3%, down from 1.4%) and the United Kingdom (1.9%, down from 2.0%).
Euro area annual inflation (as measured by the HICP) was stable at 0.8% in January.
Annual inflation in the G20 area was at 2.6% in January 2014. For other G20 economies, annual inflation decelerated in India (7.2% in January, down from 9.1% in December), Indonesia (7.8%, down from 8.4%), the Russian Federation (6.1%, down from 6.5%) and Brazil (5.6%, down from 5.9%). By contrast, annual inflation remained stable in China (at 2.5%) and it increased in South Africa (5.8%, up from 5.3%).
Compared with the previous month, consumer prices in the OECD area rose by 0.1% in January 2014. They rose by 0.4% in the United States, by 0.3% in Canada and by 0.2% in Italy. They fell by 0.6% in France, Germany and the United Kingdom and by 0.2% in Japan.

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