OECD inflation up 1.9%
Annual inflation in the Organisation for Economic Co-operation and Development (OECD) member countries rose by 1.9 per cent in the year to November 2012, according to figures released today.
This compares to a rate of 2.2 per cent in the OECD area in the 12 months to the end of October.
The easing in inflation has been attributed to slower growth in energy prices according to the OECD, which comprises of 34 countries including Ireland. After jumping 5.4 per cent in October, energy prices experienced a 2.9 per cent increase in November.
Excluding food and energy, OECD annual inflation was unchanged for the fourth consecutive month, at a rate of 1.6 per cent.
In Ireland, annual inflation for the year to November was even lower, at a rate of .8 per cent. This is despite an 8.2 per cent increase in energy prices over the previous 12 months.
Annual inflation fell in France to a rate of 1.4 per cent from 1.9 per cent in October. Rates in Canada, the US, Germany and Italy also decelerated, albeit slightly. Euro area annual inflation slowed to 2.2 per cent from 2.5 per cent in October.
Consumer prices in the OECD area fell by .3 per cent in November 2012. They dropped by .5 per cent in the US, by .4 per cent in Japan, by .2 per cent in Canada, France and Italy, and by .1 per cent in Germany.
In the UK, prices increased by .2 per cent. However, the highest increase was recorded in India where prices climbed by .5 per cent.