OECD annual inflation rate eases slightly to 2.8% in January

March 7, 2012 9:04 am 

PARIS, March 7 — Consumer prices in the area of the Organization for Economic Cooperation and Development (OECD) rose by 2.8 percent in the year to January 2012, compared with 2.9 percent in the year to December 2011, the Paris-based organization said Tuesday.

"This slight easing in the annual rate of inflation mainly reflected the slower growth in energy prices, which increased by 7.4 percent in the year to January, down from 8.1 percent in the year to December," the OECD said in its monthly report.

In addition, food prices rose by 4.3 percent in the year to January, down from 4.5 percent in the year to December. Excluding food and energy, the annual inflation rate for the 34-member bloc rose by 1.9 percent in January, down from 2.0 percent in the year to December.

According to the OECD report, most of the Group of Seven (G7) industrialized countries saw decelerated inflation in January, such as Britain, in which for the fifth consecutive month, the inflation rate stands at 3.6 percent in January, down sharply from 4.2 percent in December, 2011.

Annual inflation also slowed in France (2.3 percent), Italy (3.2 percent) and the United States (2.9 percent).

However, annual inflation remained at 2.1 percent in Germany but picked up in Canada to 2.5 percent up from 2.3 percent in December and Japan (up by 0.1 percent).

The OECD report said eurozone annual inflation (as measured by the HICP) slowed slightly to 2.6 percent in the year to January, compared with 2.7 percent in December.

On month-on-month basis, consumer prices in the OECD area rose by 0.2 percent in January. They rose by 0.4 percent in Canada and in the United States, 0.3 percent in Italy and 0.2 percent in Japan, but decreased by 0.5 percent in Britain and by 0.4 percent in France and Germany. (PNA/Xinhua)

DCT/ebp

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