Annual inflation in the OECD area eased back to 1.3 per cent in January, down from 1.5 per cent in the year to December.
Figures released today by the OECD show food prices rose 5.4 per cent in January compared to 6 per cent in December.
Consumer energy prices were down 9.6 per cent, compounding a fall of almost 9 per cent in December.
Inflation in the euro area rose by 1.1 per cent in the year to January compared to an annual rise of 1.6 per cent recorded in December.
The annual rate of inflation in Ireland fell for the first time in almost 50 years in January with consumer prices 0.1 per cent lower than at the same time a year earlier.
Consumer prices in the US remained stable in January, compared with a rise of 0.1 per cent in the year to December.