OECD Annual Inflation Increases To 2.1%

The CPI for OECD countries increased by 2.1% over the year to May 2014. It had risen by 2% in the year to April. The increase was mainly driven by increases in the prices of energy at 3.4% and food at 2.2% in May. There were diverging patterns across countries such as lower energy and food prices in the EU/OECD countries and higher in non-EU/OECD countries. The monthly comparison shows that excluding food and energy OECD annual inflation fell slightly between April at 2% and May at 1.9%.

European Inflation 0.9%

Euro area annual inflation was 0.7% in October down from 1.1% in September 2013 while European Union inflation was 0.9% down from 1.3%. Euro area monthly inflation was -0.1% in October and monthly inflation in the European Union as a whole was -0.1% in October.

Annual Inflation Increase In Both Zones

European annual inflation increased in both zones in June 2013 compared to May going up 1.6% in the euro area and 1.7% in the EU27. Monthly inflation increased by 0.1% in both zones in June. Romania had the highest annual rate with 4.5% and Greece the lowest with -0.3%. The lowest 12 month average rate was in Greece with 0.2% and Romania the highest 4.5%.

Euro Inflation Continues To Fall

Euro area inflation was 1.2% in April 2013 compared with 1.7% in March. The inflation rate was 2.6% in April 2012. EU27 inflation also continues to fall from 1.9% in March to 1.4% in April 2013. It was 2.7% in April 2012.