Monthly International Indexes of Consumer Prices

October 2014

4 Dec. 2014

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Monthly ILC reports discontinued; related data available via other programs   

Monthly reports on consumer prices and employment have been discontinued as part of the International Labor Comparisons (ILC) program. Due to technical issues, the transition of monthly ILC data to the (subscription-based) Business Cycle Indicators program will be postponed until Spring 2015. Until that time, underlying data tables on monthly consumer prices and employment will continue to be published on the ILC site (see this page and International Unemployment Rates and Employment Indexes). The next update with data through December 2014 will be posted in February 2015.


                                      More Information about Consumer Prices


What is the Difference between the CPI and the HICP?
Why Do We Care about Inflation?

Insight Minute Video: Will deflation affect your investment decisions?

In October 2014, annual inflation as measured by the Harmonized Index of Consumer Prices (HICP) increased in 9 of the 16 countries compared, although inflation trends within Europe were largely mixed. Price growth accelerated in Sweden, Switzerland, and the Euro Area as a whole, while prices remained steady in Austria, Denmark, and the United Kingdom, and price growth slowed in Germany and Norway. Italy experienced rising prices for the first time since June 2014.  Despite accelerating inflation in Spain, the country continued to experience deflation (falling prices) in October and remained the only country compared in a deflationary environment.  See Table 1 and Table 2.  

Inflation slowed substantially in Japan, where the October change in prices was the largest in magnitude since the impact of the national sales tax hike in April.

October inflation remained below 1 percent in all Euro Area countries compared, except Austria (1.4 percent). Inflation was also above 1 percent in Japan (3.4 percent), Norway (1.9 percent), the United Kingdom (1.3 percent) and the US (1.4 percent).  All countries covered except Japan, Denmark, Sweden, Switzerland and the United States experienced lower inflation in October than one year ago.  See Table 1.

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

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

 20122013Oct-13Aug-14Sep-14Oct-14
United States 2.2 1.3 0.6 1.4 1.4 1.4
Austria 2.6 2.1 1.5 1.5 1.4 1.4
Belgium 2.6 1.2 0.7 0.4 0.2 0.3
Denmark 2.4 0.4 0.3 0.3 0.3 0.3
Euro Area 2.5 1.3 0.7 0.4 0.3 0.4
European Union 2.6 1.5 0.9 0.5 0.4 0.5
France 2.2 1.0 0.7 0.5 0.4 0.5
Germany 2.2 1.6 1.2 0.8 0.8 0.7
Italy 3.3 1.3 0.8 -0.2 -0.1 0.2
Japan 0.0 0.5 1.5 4.1 3.9 3.4
Netherlands 2.8 2.6 1.3 0.4 0.2 0.4
Norway 0.4 1.9 2.3 1.9 2.1 1.9
Spain 2.4 1.5 0.0 -0.5 -0.3 -0.2
Sweden 0.9 0.4 0.2 0.2 0.0 0.3
Switzerland -0.8 0.1 0.0 0.1 0.0 0.1
United Kingdom 2.8 2.5 2.2 1.5 1.3 1.3
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

 20122013Oct-13Aug-14Sep-14Oct-14
United States -1.7 -0.9 -0.2 -0.4 0.0 0.0
Austria -1.0 -0.5 -0.3 -0.2 -0.1 0.0
Belgium -0.8 -1.4 -0.3 -0.2 -0.2 0.1
Denmark -0.3 -2.0 0.1 -0.2 0.0 0.0
Euro Area -0.2 -1.2 -0.4 0.0 -0.1 0.1
European Union -0.5 -1.1 -0.4 0.0 -0.1 0.1
France -0.1 -1.2 -0.3 -0.1 -0.1 0.1
Germany -0.3 -0.6 -0.4 0.0 0.0 -0.1
Italy 0.4 -2.0 -0.1 -0.2 0.1 0.3
Japan 0.3 0.5 0.1 0.0 -0.2 -0.5
Netherlands 0.3 -0.2 -1.1 0.1 -0.2 0.2
Norway -0.8 1.5 -0.3 -0.3 0.2 -0.2
Spain -0.7 -0.9 -0.5 -0.1 0.2 0.1
Sweden -0.5 -0.5 -0.3 -0.2 -0.2 0.3
Switzerland -0.9 0.9 -0.2 0.2 -0.1 0.1
United Kingdom -1.7 -0.3 -0.5 -0.1 -0.2 0.0
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

 20122013Oct-13Aug-14Sep-14Oct-14
United States 2.1 1.5 1.0 1.7 1.7 1.7
Austria 2.5 2.0 1.4 1.7 1.6 1.6
Belgium 2.8 1.1 0.6 0.0 -0.1 0.1
Canada 1.5 0.9 0.7 2.1 2.0 2.4
Denmark 2.4 0.8 0.7 0.5 0.5 0.5
France 2.0 0.9 0.6 0.4 0.3 0.5
Germany 2.0 1.5 1.2 0.8 0.8 0.8
Italy 3.0 1.2 0.8 -0.1 -0.2 0.1
Japan 0.0 0.3 1.1 3.3 3.3 2.9
Netherlands 2.5 2.5 1.6 1.0 0.9 1.1
Norway 0.8 2.1 2.4 2.1 2.1 2.0
Spain 2.4 1.4 -0.1 -0.5 -0.2 -0.1
Sweden 0.9 0.0 -0.1 -0.2 -0.4 -0.1
Switzerland -0.7 -0.2 -0.3 0.1 -0.1 0.0
United Kingdom 3.2 3.0 2.6 2.4 2.3 2.3
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

 20122013Oct-13Aug-14Sep-14Oct-14
United States -1.1 -0.6 -0.2 -0.3 0.0 0.0
Austria -0.8 -0.5 -0.3 -0.1 -0.1 0.0
Belgium -0.7 -1.7 -0.3 -0.3 -0.1 0.2
Canada -1.4 -0.6 -0.4 0.0 -0.1 0.4
Denmark -0.4 -1.6 0.2 -0.3 0.0 0.0
France -0.1 -1.1 -0.3 -0.1 -0.1 0.2
Germany -0.1 -0.5 -0.2 0.0 0.0 0.0
Italy 0.2 -1.8 -0.1 -0.2 -0.1 0.3
Japan 0.3 0.3 0.1 -0.1 0.0 -0.4
Netherlands 0.2 0.0 -0.8 0.1 -0.1 0.2
Norway -0.4 1.3 -0.4 -0.1 0.0 -0.1
Spain -0.8 -1.0 -0.4 -0.2 0.3 0.1
Sweden -2.1 -0.9 -0.2 -0.2 -0.2 0.3
Switzerland -1.0 0.5 -0.2 0.1 -0.2 0.1
United Kingdom -2.0 -0.2 -0.6 -0.1 -0.1 0.0
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 

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