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Latest figures released this lunchtime show that consumer prices in the OECD area rose by 2.9% in the year to December 2011, compared with 3.1% in the year to November 2011. This easing in the annual rate of inflation mainly reflected the slower growth in energy prices, which increased by 8.1% in the year to December, down from 11.6% in the year to November – the lowest annual rate since November 2010.

Price inflation brought down by lower growth in energy prices

Food prices rose by 4.4% in the year to December, compared with 4.1% in the year to November. Excluding food and energy, the annual inflation rate was stable at 2.0% in December.

Consumer prices, selected areas

December 2011, percentage change on the same month of the previous year

Source: OECD

In Japan consumer prices fell by 0.2% in the year to December; the third straight month of decline. Annual inflation remained stable in France (at 2.5%) and Italy (at 3.3%) and decelerated sharply in the United Kingdom (to 4.2% down from 4.8% in November) and in Canada (to 2.3% down from 2.9% in November). It also slowed in the United States (to 3.0% down from 3.4%) and Germany (to 2.1% down from 2.4%).

Euro area annual inflation (as measured by the HICP) decelerated to 2.7% in the year to December 2011, compared with 3.0% in November

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Posted in Inflation, OECD

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