Monthly International Indexes of Consumer Prices

May 2014

03 July 2014

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                                      More Information about Consumer Prices


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In May 2014, annual inflation as measured by the Harmonized Index of Consumer Prices (HICP) decreased in all Euro Area countries compared except France, where price growth remained steady at 0.8 percent. Germany and the Netherlands experienced the largest declines in inflation from 1.1 to 0.6 percent and from 0.6 to 0.1 percent, respectively. Outside the Euro Area, inflation grew modestly in Norway and Switzerland, as well as in the US. See Table 1 and Table 2.

In Japan, price growth continued to accelerate in the wake of a national sales tax hike in April. At 4.5 percent, Japanese inflation in May was the highest in over 30 years.May inflation dipped to below 1 percent in all Euro Area countries compared, except Austria. Inflation is also above 1 percent in Norway and the United Kingdom, at 2 percent in the US, and over double the US rate in Japan (4.5 percent). May inflation was lower than price growth a year ago in all countries shown except Japan, the US, and Switzerland.  See Table 1.

Table 1. HICP-based annual inflation rate, 2012 - 2014

Harmonized Indexes of Consumer Prices (HICP), percent change from the previous year

 20122013  May 13Mar. 14 Apr. 14 May 14
United States 2.2 1.3 1.2 1.2 1.8 2.0
Austria 2.6 2.1 2.4 1.4 1.6 1.5
Belgium 2.6 1.2 1.1 0.9 0.9 0.8
Denmark 2.4 0.4 0.6 0.2 0.5 0.3
Euro Area 2.5 1.3 1.4 0.5 0.7 0.5
European Union 2.6 1.5 1.6 0.6 0.8 0.6
France 2.2 1.0 0.9 0.7 0.8 0.8
Germany 2.2 1.6 1.6 0.9 1.1 0.6
Italy 3.3 1.3 1.3 0.3 0.5 0.4
Japan 0.0 0.5 -0.3 2.0 4.1 4.5
Netherlands 2.8 2.6 3.1 0.1 0.6 0.1
Norway 0.4 1.9 1.8 1.8 1.5 1.6
Spain 2.4 1.5 1.8 -0.2 0.3 0.2
Sweden 0.9 0.4 0.3 -0.4 0.3 0.1
Switzerland -0.8 0.1 -0.2 -0.1 0.1 0.2
United Kingdom 2.8 2.5 2.7 1.7 1.7 1.5
Note: The harmonized index of consumer prices (HICP) is an internationally comparable measure of consumer price inflation. Underlying HICPs are from the national statistical agencies of the countries compared and from the European Commission (Eurostat). Inflation rates are calculated by The Conference Board.
For more information, see the Technical Notes and Country Notes. 
Source: The Conference Board, International Labor Comparisons program 

 

Table 2. Change in HICP-based annual inflation rate, 2012 - 2014

Harmonized Indexes of Consumer Prices (HICP), percentage point change in inflation from the previous period

 20122013  May 13Mar. 14 Apr. 14 May 14
United States -1.7 -0.9 0.4 0.4 0.6 0.2
Austria -1.0 -0.5 0.3 -0.1 0.2 -0.1
Belgium -0.8 -1.4 0.0 -0.1 0.0 -0.1
Denmark -0.3 -2.0 0.2 -0.1 0.3 -0.2
Euro Area -0.2 -1.2 0.2 -0.2 0.2 -0.2
European Union -0.5 -1.1 0.2 -0.2 0.2 -0.2
France -0.1 -1.2 0.1 -0.4 0.1 0.0
Germany -0.3 -0.6 0.5 -0.1 0.2 -0.5
Italy 0.4 -2.0 0.0 -0.1 0.2 -0.1
Japan 0.3 0.5 0.4 0.1 2.1 0.4
Netherlands 0.3 -0.2 0.3 -0.3 0.5 -0.5
Norway -0.8 1.5 0.0 -0.1 -0.3 0.1
Spain -0.7 -0.9 0.3 -0.3 0.5 -0.1
Sweden -0.5 -0.5 0.3 -0.5 0.7 -0.2
Switzerland -0.9 0.9 0.2 0.1 0.2 0.1
United Kingdom -1.7 -0.3 0.3 -0.1 0.0 -0.2
Note: The harmonized index of consumer prices (HICP) is an internationally comparable measure of consumer price inflation. Underlying HICPs are from the national statistical agencies of the countries compared and from the European Commission (Eurostat). Inflation rates are calculated by The Conference Board.
For more information, see the Technical Notes and Country Notes
Source: The Conference Board, International Labor Comparisons program 

 

Table 3. CPI-based annual inflation rate, 2012 - 2014

Consumer Prices Indexes (CPI), percent change from the previous year

 20122013  May 13Mar. 14 Apr. 14 May 14
United States 2.1 1.5 1.4 1.5 2.0 2.1
Austria 2.5 2.0 2.3 1.7 1.6 1.8
Belgium 2.8 1.1 1.2 0.9 0.6 0.4
Canada 1.5 0.9 0.7 1.5 2.0 2.3
Denmark 2.4 0.8 0.9 0.4 0.7 0.5
France 2.0 0.9 0.8 0.6 0.7 0.7
Germany 2.0 1.5 1.5 1.0 1.3 0.9
Italy 3.0 1.2 1.1 0.4 0.6 0.5
Japan 0.0 0.3 -0.3 1.6 3.4 3.7
Netherlands 2.5 2.5 2.8 0.8 1.2 0.8
Norway 0.8 2.1 2.0 2.0 1.8 1.8
Spain 2.4 1.4 1.7 -0.1 0.4 0.2
Sweden 0.9 0.0 -0.2 -0.6 0.0 -0.2
Switzerland -0.7 -0.2 -0.6 0.0 0.1 0.3
United Kingdom 3.2 3.0 3.1 2.5 2.5 2.4
Note: The consumer price index (CPI) is a measure of consumer price inflation that is not strictly comparable across countries. Underlying CPIs are from the national statistical agencies of the countries compared. Inflation rates are calculated by The Conference Board. 
For more information, see the Technical Notes and Country Notes
Source: The Conference Board, International Labor Comparisons program 

 

Table 4. Change in CPI-based annual inflation rate, 2012 - 2014

Consumer Price Indexes (CPI), percentage point change in inflation from the previous period

 20122013  May 13Mar. 14 Apr. 14 May 14
United States -1.1 -0.6 0.3 0.4 0.5 0.1
Austria -0.8 -0.5 0.3 0.2 -0.1 0.2
Belgium -0.7 -1.7 0.2 -0.1 -0.3 -0.2
Canada -1.4 -0.6 0.3 0.4 0.5 0.3
Denmark -0.4 -1.6 0.1 -0.1 0.3 -0.2
France -0.1 -1.1 0.1 -0.3 0.1 0.0
Germany -0.1 -0.5 0.3 -0.2 0.3 -0.4
Italy 0.2 -1.8 0.0 -0.1 0.2 -0.1
Japan 0.3 0.3 0.4 0.1 1.8 0.3
Netherlands 0.2 0.0 0.2 -0.3 0.4 -0.4
Norway -0.4 1.3 0.1 -0.1 -0.2 0.0
Spain -0.8 -1.0 0.3 -0.1 0.5 -0.2
Sweden -2.1 -0.9 0.3 -0.4 0.6 -0.2
Switzerland -1.0 0.5 0.1 0.2 0.1 0.2
United Kingdom -2.0 -0.2 0.2 -0.2 0.0 -0.1
Note: The consumer price index (CPI) is a measure of consumer price inflation that is not strictly comparable across countries. Underlying CPIs are from the national statistical agencies of the countries compared. Inflation rates are calculated by The Conference Board. 
For more information, see the Technical Notes and Country Notes
Source: The Conference Board, International Labor Comparisons program 

 

International Indexes of Consumer Prices 2014 Publication Schedule

Thursday, July 31 (Data for June 2014)
Thursday, September 4 (Data for July 2014)
Thursday, October 2 (Data for August 2014)
Thursday, November 6 (Data for September 2014)
Thursday, December 4 (Data for October 2014)

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