Monthly International Indexes of Consumer Prices
January 2015
5 Mar. 2015
Monthly ILC reports discontinued; related data available via other programs
Monthly data series on consumer prices and employment have been discontinued as part of International Labor Comparisons (ILC) and have been transitioned to The Conference Board Business Cycle Indicators (BCI) program. Monthly international indicators on inflation, employment and unemployment in the BCI database are prepared using ILC methodologies. To download these indicators, see the US BCI series.
More Information about Consumer Prices
What is the Difference between the CPI and the HICP?
Why Do We Care about Inflation?
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In January 2014, annual inflation as measured by the Harmonized Index of Consumer Prices (HICP) decreased in 14 of 16 countries compared. 11 countries experienced deflation in January, the largest number since July 2009. The continued decline of oil prices in 2015 was a main cause of the deflationary environment. Only Sweden (0.4 percent) experienced an increase in inflation. See Table 1 and Table 2.
The United States experienced the largest decline in January from 0.2 percent to -1.0 percent, crossing the deflationary boundary. Spain, however, continued to have the lowest inflation level at -1.5 percent, and has been in a deflationary environment since July of last year.
December inflation remained below 1 percent in all countries compared, except Japan (2.9 percent) and Norway (1.9 percent). All countries covered except Japan and Sweden experienced lower inflation in January than one year ago. See Table 1.
Table 1. HICP-based annual inflation rate, 2012 - 2015
Harmonized Indexes of Consumer Prices (HICP), percent change from the previous year
| 2012 | 2013 | Jan-14 | Nov-14 | Dec-14 | Jan-15 | |
|---|---|---|---|---|---|---|
| United States | 2.2 | 1.3 | 1.3 | 0.9 | 0.2 | -1.0 |
| Austria | 2.6 | 2.1 | 1.5 | 1.5 | 0.8 | 0.5 |
| Belgium | 2.6 | 1.2 | 1.1 | 0.1 | -0.4 | -0.6 |
| Denmark | 2.4 | 0.4 | 0.8 | 0.2 | 0.1 | -0.3 |
| Euro Area | 2.5 | 1.3 | 0.8 | 0.3 | -0.2 | -0.6 |
| European Union | 2.6 | 1.5 | 0.9 | 0.3 | -0.1 | -0.5 |
| France | 2.2 | 1.0 | 0.8 | 0.4 | 0.1 | -0.4 |
| Germany | 2.2 | 1.6 | 1.2 | 0.5 | 0.1 | -0.5 |
| Italy | 3.3 | 1.3 | 0.6 | 0.3 | -0.1 | -0.5 |
| Japan | 0.0 | 0.5 | 1.6 | 3.0 | 3.0 | 2.9 |
| Netherlands | 2.8 | 2.6 | 0.8 | 0.3 | -0.1 | -0.7 |
| Norway | 0.4 | 1.9 | 2.1 | 2.0 | 2.0 | 1.9 |
| Spain | 2.4 | 1.5 | 0.3 | -0.5 | -1.1 | -1.5 |
| Sweden | 0.9 | 0.4 | 0.2 | 0.3 | 0.3 | 0.4 |
| Switzerland | -0.8 | 0.1 | 0.2 | 0.1 | -0.1 | -0.1 |
| United Kingdom | 2.8 | 2.5 | 1.8 | 0.9 | 0.5 | 0.3 |
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 - 2015
Harmonized Indexes of Consumer Prices (HICP), percentage point change in inflation from the previous period
| 2012 | 2013 | Jan-14 | Nov-14 | Dec-14 | Jan-15 | |
|---|---|---|---|---|---|---|
| United States | -1.7 | -0.9 | 0.1 | -0.5 | -0.7 | -1.2 |
| Austria | -1.0 | -0.5 | -0.5 | 0.1 | -0.7 | -0.3 |
| Belgium | -0.8 | -1.4 | -0.1 | -0.2 | -0.5 | -0.2 |
| Denmark | -0.3 | -2.0 | 0.4 | -0.1 | -0.1 | -0.4 |
| Euro Area | -0.2 | -1.2 | 0.0 | -0.1 | -0.5 | -0.4 |
| European Union | -0.5 | -1.1 | -0.1 | -0.2 | -0.4 | -0.4 |
| France | -0.1 | -1.2 | 0.0 | -0.1 | -0.3 | -0.5 |
| Germany | -0.3 | -0.6 | 0.0 | -0.2 | -0.4 | -0.6 |
| Italy | 0.4 | -2.0 | -0.1 | 0.1 | -0.4 | -0.4 |
| Japan | 0.3 | 0.5 | -0.3 | -0.4 | 0.0 | -0.1 |
| Netherlands | 0.3 | -0.2 | -0.6 | -0.1 | -0.4 | -0.6 |
| Norway | -0.8 | 1.5 | 0.3 | 0.1 | 0.0 | -0.1 |
| Spain | -0.7 | -0.9 | 0.0 | -0.3 | -0.6 | -0.4 |
| Sweden | -0.5 | -0.5 | -0.2 | 0.0 | 0.0 | 0.1 |
| Switzerland | -0.9 | 0.9 | -0.1 | 0.0 | -0.2 | 0.0 |
| United Kingdom | -1.7 | -0.3 | -0.2 | -0.4 | -0.4 | -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 - 2015
Consumer Prices Indexes (CPI), percent change from the previous year
| 2012 | 2013 | Jan-14 | Nov-14 | Dec-14 | Jan-15 | |
|---|---|---|---|---|---|---|
| United States | 2.1 | 1.5 | 1.6 | 1.3 | 0.8 | -0.1 |
| Austria | 2.5 | 2.0 | 1.6 | 1.7 | 1.0 | 0.7 |
| Belgium | 2.8 | 1.1 | 1.1 | -0.1 | -0.4 | -0.6 |
| Canada | 1.5 | 0.9 | 1.5 | 2.0 | 1.5 | 1.0 |
| Denmark | 2.4 | 0.8 | 1.0 | 0.5 | 0.3 | -0.1 |
| France | 2.0 | 0.9 | 0.7 | 0.3 | 0.1 | -0.4 |
| Germany | 2.0 | 1.5 | 1.3 | 0.6 | 0.2 | -0.4 |
| Italy | 3.0 | 1.2 | 0.7 | 0.2 | 0.0 | -0.6 |
| Japan | 0.0 | 0.3 | 1.4 | 2.4 | 2.4 | 2.4 |
| Netherlands | 2.5 | 2.5 | 1.4 | 1.0 | 0.7 | 0.0 |
| Norway | 0.8 | 2.1 | 2.3 | 1.9 | 2.1 | 2.0 |
| Spain | 2.4 | 1.4 | 0.2 | -0.4 | -1.0 | -1.3 |
| Sweden | 0.9 | 0.0 | -0.2 | -0.2 | -0.3 | -0.2 |
| Switzerland | -0.7 | -0.2 | 0.0 | 0.0 | -0.3 | -0.4 |
| United Kingdom | 3.2 | 3.0 | 2.8 | 2.0 | 1.6 | 1.1 |
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
Table 4. Change in CPI-based annual inflation rate, 2012 - 2015
Consumer Price Indexes (CPI), percentage point change in inflation from the previous period
| 2012 | 2013 | Jan-14 | Nov-14 | Dec-14 | Jan-15 | |
|---|---|---|---|---|---|---|
| United States | -1.1 | -0.6 | 0.1 | -0.4 | -0.5 | -0.9 |
| Austria | -0.8 | -0.5 | -0.3 | 0.1 | -0.7 | -0.3 |
| Belgium | -0.7 | -1.7 | 0.1 | -0.2 | -0.3 | -0.2 |
| Canada | -1.4 | -0.6 | 0.3 | -0.4 | -0.5 | -0.5 |
| Denmark | -0.4 | -1.6 | 0.2 | 0.0 | -0.2 | -0.4 |
| France | -0.1 | -1.1 | 0.0 | -0.2 | -0.2 | -0.5 |
| Germany | -0.1 | -0.5 | -0.1 | -0.2 | -0.4 | -0.6 |
| Italy | 0.2 | -1.8 | 0.0 | 0.1 | -0.2 | -0.6 |
| Japan | 0.3 | 0.3 | -0.2 | -0.5 | 0.0 | 0.0 |
| Netherlands | 0.2 | 0.0 | -0.3 | -0.1 | -0.3 | -0.7 |
| Norway | -0.4 | 1.3 | 0.3 | -0.1 | 0.2 | -0.1 |
| Spain | -0.8 | -1.0 | -0.1 | -0.3 | -0.6 | -0.3 |
| Sweden | -2.1 | -0.9 | -0.3 | -0.1 | -0.1 | 0.1 |
| Switzerland | -1.0 | 0.5 | 0.0 | 0.0 | -0.3 | -0.1 |
| United Kingdom | -2.0 | -0.2 | 0.1 | -0.3 | -0.4 | -0.5 |
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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