OECD Annual Inflation Rate Eases Slightly To 2.8% in January 2012

Paris, 6 March 2012
OECD Consumer Price Index
OECD annual inflation rate eases slightly to 2.8% in January 2012

Consumer prices in the OECD area rose by 2.8% in the year to January 2012, compared with 2.9% in the year
to December 2011. This slight easing in the annual rate of inflation mainly reflected the slower growth in energy prices,
which increased by 7.4% in the year to January, down from 8.1% in the year to December. Food prices rose by 4.3%
in the year to January, down from 4.5% in the year to December. Excluding food and energy, the annual inflation rate
rose by 1.9% in January, down from 2.0% in the year to December.
Consumer prices, selected areas
January 2012, percentage change on the same month of the previous year
OECD Total
United States
Euro Area (HICP)

9.2
7.4
6.0
6.1
5.3
6.0
6.0
4.3
4.0
4.0
2.8
1.9
2.0
0.0
All items
4.0
2.9
2.6
2.3
2.0
2.0
0.0
0.0
Food
Energy
2.9
1.5
All items non food non energy
Consumer prices, OECD-Total
Percentage change on the same month of the previous year

%
5.0
4.0
3.0
2.0
1.0
0.0
-1.0
2005M1
2006M1
2007M1
2008M1
2009M1
All items
2010M1
2011M1
2012M1
All items less food less energy
Annual inflation decelerated in the United Kingdom for the fifth consecutive month (to 3.6% in January, down
sharply from 4.2% in December). Annual inflation also slowed in France (to 2.3% down from 2.5% in December), Italy
(to 3.2% down from 3.3% in December) and the United States (to 2.9% down from 3.0%). Annual inflation remained
at 2.1% in Germany but picked up in Canada (to 2.5% up from 2.3% in December) and Japan (by 0.1% up from 0.2% in December).
Euro area annual inflation (as measured by the HICP) slowed slightly to 2.6% in the year to January, compared
with 2.7% in December.
Annual inflation decelerated sharply in the Russian Federation (to 4.2% in the year to January, down from
6.1% in December) and India (to 5.3%, down from 6.5% in December). It also slowed in Brazil and Indonesia and
1
Data related to the graph can be found at the following address: http://stats.oecd.org/index.aspx?queryid=22519

Paris, 6 March 2012
remained stable in South Africa. By contrast, annual inflation accelerated in China in January for the first time since
July 2011 (to 4.5% up from 4.1% in December).
Compared to the previous month, consumer prices in the OECD area rose by 0.2% in January 2012. They rose
by 0.4% in Canada and in the United States, 0.3% in Italy and 0.2% in Japan. They decreased by 0.5% in the
United Kingdom and by 0.4% in France and Germany.
Consumer prices, OECD countries, selected items
January 2012, percentage change on the same month of the previous year
All items
CPI
OECD-Total
G7
European Union (HICP)
Euro area (HICP)
Australia
Austria
Belgium
Canada
Chile
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
Ireland
Israel
Italy
Japan
Korea
Luxembourg
Mexico
Netherlands
New Zealand 1
Norway
Poland
Portugal
Slovak Republic
Slovenia
Spain
Sweden
Switzerland
HICP
2.8
2.5
2.9
2.6
3.1
3.0
3.6
2.5
4.2
3.5
2.8
4.5
3.2
2.3
2.1
2.9
3.2
3.8
2.8
4.7
3.0
2.6
2.3
2.3
5.4
6.5
2.2
2.0
3.2
0.1
3.4
2.9
4.0
2.1
5.6
6.2
1.3
2.5
1.8
0.5
..
3.5
3.9
2.3
2.9
2.0
1.9
-0.8
10.6
2.0
0.7
-0.9
10.6
3.4
3.2
0.3
4.1
3.4
4.1
2.3
Food
Energy
All items non food

non energy
CPI
CPI
CPI
4.3
4.2
3.1
2.9
7.4
7.2
9.1
9.2
1.9
1.6
1.7
1.5
2.3
1.5
2.7
4.9
11.7
7.3
13.9
6.5
2.5
2.6
2.1
1.5
8.9
7.0
5.7
4.0
5.0
3.6
3.0
7.2
10.9
5.2
13.0
6.4
8.1
7.2
2.6
0.9
1.8
2.4
2.6
0.8
1.2
3.0
5.5
6.2
0.3
0.6
2.4
1.4
5.9
1.7
7.7
12.2
10.8
12.1
9.7
5.9
15.7
5.7
6.6
9.9
8.0
0.6
3.0
5.9
-0.2
2.1
1.7
-0.8
2.5
1.9
2.5
2.3
1.5
2.2
..
3.3
3.5
3.9
7.9
7.4
-17.2
..
12.0
8.0
6.9
1.6
1.1
2.3
..
1.5
2.3
1.1
2.3
1.1
-2.3
11.7
3.5
5.3
8.0
0.1
4.0
12.5
10.4
6.1
Turkey
United Kingdom
3.6
2.9
United States
1
Percentage change Q4 2010 to Q4 2011
For further information see Methodological Notes: http://www.oecd.org/dataoecd/34/14/47010757.pdf
All CPI data are available at: http://stats.oecd.org/Index.aspx?DataSetCode=MEI_PRICES
0.9
2.1
-1.0
9.8
2.6
2.3
..: not available
Paris, 6 March 2012
Consumer prices, all items, selected countries

Percentage change on the same month of the previous year
2010
2011
Average
2012
2011
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
OECD-Total
1.9
2.9
2.1
2.3
2.6
2.9
3.1
3.0
3.1
3.2
3.3
3.1
3.1
2.9
2.8
G7
1.4
2.6
1.6
1.9
2.3
2.6
2.8
2.8
2.9
3.0
3.2
2.9
2.8
2.5
2.5
Euro area (HICP)
1.6
2.7
2.3
2.4
2.7
2.8
2.7
2.7
2.6
2.6
3.0
3.0
3.0
2.7
2.6
2.1
3.1
2.7
2.9
3.1
3.3
3.2
3.1
2.9
3.0
3.3
3.4
3.3
3.0
2.9
Canada
1.8
2.9
2.3
2.2
3.3
3.3
3.7
3.1
2.7
3.1
3.2
2.9
2.9
2.3
2.5
France
1.5
2.1
1.8
1.7
2.0
2.1
2.0
2.1
1.9
2.2
2.2
2.3
2.5
2.5
2.3
Germany
1.1
2.3
2.0
2.1
2.1
2.4
2.3
2.3
2.4
2.4
2.6
2.5
2.4
2.1
2.1
Italy
1.5
2.8
2.1
2.4
2.5
2.6
2.6
2.7
2.7
2.8
3.0
3.4
3.3
3.3
3.2
Japan
-0.7
-0.3
-0.6
-0.5
-0.5
-0.5
-0.4
-0.4
0.2
0.2
0.0
-0.2
-0.5
-0.2
0.1
United Kingdom
3.3
4.5
4.0
4.4
4.0
4.5
4.5
4.2
4.4
4.5
5.2
5.0
4.8
4.2
3.6
United States
1.6
3.2
1.6
2.1
2.7
3.2
3.6
3.6
3.6
3.8
3.9
3.5
3.4
3.0
2.9
Brazil
5.0
6.6
6.0
6.0
6.3
6.5
6.6
6.7
6.9
7.2
7.3
7.0
6.6
6.5
6.2
China
3.3
5.4
4.9
4.9
5.4
5.3
5.5
6.4
6.5
6.2
6.1
5.5
4.2
4.1
4.5
India
12.0
8.9
9.3
8.8
8.8
9.4
8.7
8.6
8.4
9.0
10.1
9.4
9.3
6.5
5.3
Indonesia
5.1
5.4
7.0
6.8
6.7
6.2
6.0
5.5
4.6
4.8
4.6
4.4
4.2
3.8
3.7
Russian Federation
6.9
8.4
9.6
9.5
9.4
9.6
9.6
9.4
9.0
8.1
7.2
7.2
6.8
6.1
4.2
South Africa
4.1
5.0
3.6
3.6
4.1
4.2
4.6
5.1
5.4
5.3
5.7
6.2
6.2
6.4
6.4
Nov
Dec
Jan
0.2
Major seven countries
Other major economies
Consumer prices, all items, selected countries

Percentage change on previous month
2012
2011
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
OECD-Total
0.3
0.4
0.7
0.5
0.3
-0.1
0.0
0.2
0.2
0.2
0.1
0.1
G7
0.2
0.4
0.7
0.5
0.3
-0.1
0.1
0.3
0.1
0.0
-0.1
0.0
0.2
Euro area (HICP)
-0.7
0.4
1.4
0.6
0.0
0.0
-0.6
0.2
0.7
0.4
0.1
0.3
-0.8
-0.4
0.5
1.1
0.6
0.1
-0.1
-0.4
0.2
0.6
0.3
0.1
0.3
-0.6
Major seven countries

Canada
0.3
0.3
1.1
0.3
0.7
-0.7
0.2
0.3
0.2
0.2
0.1
-0.6
0.4
France
-0.2
0.5
0.8
0.3
0.1
0.1
-0.4
0.5
-0.1
0.2
0.3
0.4
-0.4
Germany
-0.4
0.5
0.5
0.2
0.0
0.1
0.4
0.0
0.1
0.0
0.0
0.7
-0.4
Italy
0.4
0.3
0.4
0.5
0.1
0.1
0.3
0.3
0.0
0.6
-0.1
0.4
0.3
Japan
-0.1
0.0
0.3
0.1
0.0
-0.2
0.0
0.2
0.0
0.1
-0.6
0.0
0.2
United Kingdom
0.1
0.7
0.3
1.0
0.2
-0.1
0.0
0.6
0.6
0.1
0.2
0.4
-0.5
United States
0.5
0.5
1.0
0.6
0.5
-0.1
0.1
0.3
0.2
-0.2
-0.1
-0.2
0.4
Brazil
0.8
0.8
0.8
0.8
0.5
0.1
0.2
0.4
0.5
0.4
0.5
0.5
0.6
China
1.0
1.2
-0.2
0.1
0.1
0.3
0.5
0.3
0.5
0.1
-0.2
0.3
1.5
India
1.6
-1.6
0.0
0.5
0.5
1.1
2.1
0.5
1.5
0.5
0.5
-1.0
0.5
Indonesia
0.9
0.1
-0.3
-0.3
0.1
0.5
0.7
0.9
0.3
-0.1
0.3
0.6
0.8
Russian Federation
2.4
0.8
0.6
0.4
0.5
0.2
0.0
-0.2
-0.1
0.5
0.4
0.4
0.5
South Africa
0.5
0.6
1.2
0.3
0.5
0.5
0.8
0.2
0.4
0.7
0.2
0.3
0.6
Other major economies
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: 3 April 2012.

OECD Annual Inflation Rate Eases Slightly To 2.8% in January 2012

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OECD Annual Inflation Rate Eases Slightly To 2.8% in January 2012

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Paris, 6 March 2012

OECD Consumer Price Index