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Consumer prices, selected areas. December 2018, percentage change on the same period of the previous year.
Consumer prices, selected areas. December 2018, percentage change on the same period of the previous year.
market information

15 February 2019


Annual inflation in the OECD area slowed to 2.4% in December 2018, compared with 2.7% in November. Energy price inflation decreased markedly to 3.6% in December, compared with 6.7% in November, while food price inflation slowed marginally, to 1.8%, from 1.9%. Excluding food and energy, OECD inflation also slowed to 2.2%, compared with 2.3% in November.

Annual inflation decreased in all G7 countries, in December, except Canada, where it picked up to 2.0% (from 1.7%). Annual inflation decreased in Germany (to 1.7%, from 2.3%), Italy (to 1.1%, from 1.6%), Japan (to 0.3%, from 0.8%), France (to 1.6%, from 1.9%), the United States (to 1.9%, from 2.2%) and the United Kingdom (to 2.0%, from 2.2%). Energy and food products, combined, contributed significantly to inflation in many OECD countries in December but had a negligible impact in Canada, Japan and the United States (see Table 3 – contributions to annual inflation).
Annual inflation in the Euro area, as measured by the HICP, decreased to 1.6% in December, compared with 1.9% in November. Excluding food and energy, euro area inflation was stable at 1.0% in December. Eurostat’s flash estimate for inflation in January 2019 is 1.4%, and inflation excluding food and energy, 1.1%. Annual inflation in the G20 area decreased to 3.2% in December 2018, compared with 3.4% in November.
Among the G20 emerging economies, annual inflation decreased in Argentina (to 47.6%, from 48.5%), South Africa (to 4.4%, from 5.1%), Saudi Arabia (to 2.2%, from 2.8%), Brazil (to 3.7%, from 4.0%), China (to 1.9%, from 2.2%) and Indonesia (to 3.1%, from 3.2%). On the other hand, inflation picked up in India (to 5.2%, from 4.9%) and the Russian Federation (to 4.3%, from 3.8%).

For more information contact Mrs Louise Fietz, Media Coordinator:

OECD Public Affairs & Communications Directorate 2
Rue André Pascal
F-75775 PARIS / France
Ph. +33 1 45 24 9700