OECD annual inflation slows to 2.7% in November 2018

Easing energy price drives down OECD inflation

Annual inflation in the OECD area slowed to 2.7% in November 2018, compared with 3.1% in October. Energy price inflation decreased to 6.8% in November, compared with 10.4% in October. Food price inflation also slowed, to 1.9%, from 2.1%. Excluding food and energy, OECD inflation slowed marginally to 2.2%, compared with 2.3% in October.

Excluding Turkey where prices rose 21.6% year-on-year, annual inflation in the OECD area decreased to 2.0% in November, compared with 2.3% in October

In the year to November, among G7 countries, annual inflation decreased in Canada (to 1.7%, from 2.4%), Japan (to 0.8%, from 1.4%), France (to 1.9%, from 2.2%), the United States (to 2.2%, from 2.5%), and Germany (to 2.3%, from 2.5%). It was stable in Italy (at 1.6%) and the United Kingdom (at 2.2% - for the third consecutive month).

 

Annual inflation in the Euro area, as measured by the HICP, decreased to 1.9% in November, compared with 2.2% in October. Excluding food and energy, euro area inflation slowed to 1.0% in November, from 1.1% in October. Eurostat's flash estimate for December points to a further slowdown in overall inflation to 1.6%, with inflation excluding food and energy remaining at 1.0%.

Annual inflation in the G20 area decreased to 3.4% in November 2018, compared with 3.8% in October. Among the G20 emerging economies, annual inflation decreased in Brazil (to 4.0%, from 4.6%), India (to 4.9%, from 5.2%) and China (to 2.2%, from 2.5%), and was stable in Indonesia (at 3.2%). On the other hand, inflation picked up in Argentina (to 48.5%, from 45.9%), the Russian Federation (to 3.8%, from 3.5%), Saudi Arabia (to 2.8%, from 2.4%) and South Africa (to 5.1%, from 5.0%).

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