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Latest trends in consumer prices



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OECD News Release 27 MEMBER

COUNTRIES

Australia

Austria

Belgium

Canada

Czech Republic

Denmark

Finland

France

Germany

Greece

Hungary

Iceland

Ireland

Italy

Japan

Luxembourg

Mexico

Netherlands

New Zealand

Norway

Portugal

Spain

Sweden

Switzerland

Turkey

United Kingdom

United States

43904

Paris, 15 October 1996 OLIS : 15-Oct-1996 Dist. : 15-Oct-1996

SG/COM /NEW S(96)94

LATEST TRENDS IN CONSUMER PRICES

Consumer prices in the OECD area (excluding Turkey)1 rose by 0.1 per cent in August2, the same figure as in July, and this was also the case for the seven major economies considered as a whole. Inflation was 0.2 per cent in the United States, -0.1 per cent in Japan and Germany, -0.3 per cent in France, 0.1 per cent in Italy

and Canada, and 0.5 per cent in the United Kingdom.

Among the 16 smaller countries (excluding Turkey) that provided August inflation figures, inflation increased in seven countries, and decreased in nine countries. Prices rose more quickly (or fell more slowly) in Denmark, Greece, Iceland, Poland, Portugal, Spain and Switzerland, and fell in Austria, Belgium, the Czech Republic, Finland, Luxembourg, the Netherlands, Norway, Sweden and Mexico. Measured over twelve months, consumer price inflation for the OECD area (excluding Turkey), was 3.3 per cent in August, down 0.1 point from July, and down 0.6 point from a year earlier3 Excluding Mexico and Turkey, the rate of consumer inflation for the OECD area was 2.2 per cent, down 0.2 percentage points from a year earlier.

Food prices in the OECD area (excluding Turkey) increased by 0.1 per cent in August, after a 0.2 per cent rise in July, and energy prices decreased by 0.2 per cent, down 0.2 percentage points from July4. OECD consumer prices excluding these two components, an indicator of "underlying" inflation, rose by 0.1 per cent, the same increase as in July. Over twelve months, the underlying OECD-area inflation rate was 2.1 per cent in August, down 0.6 percentage points from August

1995.

1 This aggregate also excludes the Czech Republic, Hungary and Poland, but includes Mexico. 2 Including Turkey, OECD consumer prices rose by 0.3 per cent. Excluding Mexico and Turkey, the monthly inflation rate was 0.1 per cent, the same figure as July. 3 Including Turkey, the yearly rate was 4.7 per cent, down 0.1 percentage points from July. 4 Excluding the Czech Republic, Greece, Hungary, Iceland, Mexico, Poland, Portugal,

Sweden and Turkey, for which pertinent data are unavailable.

OECD COMMUNICATIONS DIVISION General Inquiries: Tel. (33 1) 45 24 80 91 Print: Tel. (33 1) 45 24 80 94 Radio/TV: Tel. (33 1) 45 24 80 97 Fax: (33 1) 45 24 80 03 / 80 07 E-Mail: news.contact@oecd.org

O R G A N I S A T I O N FOR E C O N O M I C C O - O P E R A T I O N A N D D E V E L O P M E N T 2, RUE ANDRE-PASCAL 75775 PARIS CEDEX 16 - Tel. (33 1) 45 24 82 00 Fax 45 24 85 00

SG/COM/NEWS(96)94

C onsum er prices

Percentage changes from previous period, not seasonally adjusted

At average annual rate At actual rate

12 months 6 months

Average

1974-83 1983-92 1993 1994 1995 to Aug.

1996’

to Aug. 1996'

May June July Aug.

United States 8.1 3.9 3.0 2.6 2.8 2.9 1.5 0.2 0.1 0.2 0.2

Japan 6.0 1.8 1.2 0.7 -0.1 0.2 0.5 0.2 -0.3 -0.1 -0.1

Germany 4.5 2.2 4.5 2.7 1.8 1.4 0.7 0.2 0.1 0.3 -0.1

France 11.0 3.8 2.1 1.7 1.7 1.6 0.4 0.2 -0.1 -0.2 -0.3

Italy1 17.0 6.6 4.2 3.9 5.4 3.4 1.4 0.4 0.2 -0.2 0.1

United Kingdom 13.3 5.6 1.6 2.5 3.4 2.1 1.5 0.2 0.1 -0.4 0.5

Canada 9.3 4.2 1.8 0.2 2.2 1.4 1.0 0.3 -0.1 0.0 0.1

Total of above countries' 8.8 3.8 2.7 2.2 2.4 2.1 1.2 0.2 0.0 0.1 0.1

Austria 5.6 3.0 3.6 3.0 2.2 1.8 2.2 -0.2 0.5 0.9 0.5

Belgium 7.5 3.0 2.8 2.4 1.5 1.9 1.0 -0.2 0.0 0.7 0.2

Czech Republic 20.8 10.0 9.0 9.6 3.7 0.6 0.7 0.9 0.2

Denmark 10.0 3.9 1.3 2.0 2.1 2.4 1.1 0.4 -0.1 -0.2 0.2

Finland 11.2 5.0 2.2 1.1 1.0 0.4 0.2 0.2 0.0 -0.1 -0.2

Greece 17.8 17.8 14.4 10.9 9.3 8.5 3.3 0.6 0.6 -2.5 0.0

Hungary 21.0 21.0 28.2 22.9 9.4 2.1 0.9 0.3 ..

Iceland1' 48.3 19.2 4.0 1.6 1.7 2.6 1.6 0.6 -0.1 0.1 0.6

Ireland' 15.4 4.1 1.4 2.3 2.5 1.5 0.9 0.1 — > <“ 0.2

Luxembourg 7.4 2.7 3.6 2.2 1.9 1.4 0.7 0.1 0.0 0.1 0.0

Netherlands 6.2 1.7 2.6 2.8 1.9 1.9 0.7 -0.2 -0.4 0.4 -0.1

Norway 9.7 5.4 2.3 1.4 2.5 1.5 1.4 0.2 0.1 0.4 -0.1

Poland 78.4 35.3 32.2 27.8 20.6 7.7 1.4 1.0 -0.1 0.5

Portugal1 ’ 21.9 13.8 6.5 5.2 4.1 3.6 2.2 0.5 -0.1 0.2 0.3

Spain 16.8 7.1 4.6 4.7 4.7 3.7 1.6 0.3 -0.1 0.1 0.3

Sweden 10.2 6.6 4.7 2.4 2.9 0.0 -0.5 -0.1 -0.4 -0.2 -0.5

Switzerland 3.7 3.2 3.3 0.9 1.8 0.6 0.2 -0.3 0.2 -0.2 0.3

Turkey' 39.8 55.0 66.1 105.1 89.1 81.9 29.2 4.5 2.5 2.1 4.8

Australia' 11.0 6.0 1.8 1.9 4.6 3.1 1.1 0.2 - > < -

New Zealand1 14.1 7.9 1.3 1.8 3.8 2.0 1.2 0.3 - > <—

Mexico ยทยท 54.8 5.5 4.7 39.6 38.7 13.9 2.7 1.7 1.3 1.0

European Union' 11.4 4.9 3.6 3.0 3.1 2.3 1.1 0.2 0.0 0.0 0.1

Total OECDf * 10.7 6.8 4.3 4.3 5.5 4.7 2.1 0.4 0.1 0.2 0.3

OECD excluding Turkey11 10.1 5.9 3.1 2.6 3.7 3.3 1.5 0.3 0.1 0.1 0.1

Note: These figures are a reproduction of each country's official consumer price index. The official indices are from time to time revised to take account of shifts in consumer expenditure patterns. A few national authorities publish a seasonally adjusted index, which in some cases is the one featured in public discussion; this table is, however, confined to non-seasonally adjusted data as these are the only series available on a timely basis in most countries. To obtain a reasonable impression of the "rate of inflation" it is usually necessary to consider changes over a period of at least a few months. a) Or latest available month. b) Index for households and salary earners.

c) The country weights are based on the private consumption expressed in purchasing power parities for consumer expenditure of the preceding year. Hence the aggregate indices are subject to revision as a result of the revisions to the national accounts and purchasing power parities. d) Excluding rent.

e) Since consumer prices are only available on a quarterly basis, the figures shown for the rates of change over 12 and 6 months are calculated as the rate o f change over 4 and 2 quarters respectively to the last quarter available. The monthly rate is calculated as the rate of change between the two most recent quarterly indices, expressed at a monthly rate and centred at the mid-month of the quarter. f) 1974-1981: Istanbul index (154 items); from 1982, Turkish index.

g) Imputed rent included.

h) Czech Republic, Hungary and Poland are currently excluded as weights are not yet available.

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