Monthly International Indexes of Consumer Prices

February 2014

03 April 2014

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In February 2014, annual inflation as measured by the Harmonized Index of Consumer Prices (HICP) decreased in 12 of the 16 economies compared. Price growth slowed by half a percentage point in the United States (from 1.3 percent to 0.8 percent) and Denmark (from 0.8 percent to 0.3 percent).

Inflation in Switzerland also slowed, bringing the country back to deflationary territory for the first time since May 2013.  See Table 2.

February inflation was lowest in Switzerland and Sweden, and it was highest in Japan, Norway, and the United Kingdom. Compared to inflation rates a year ago, inflation has dropped nearly 3 percentage points in the Netherlands (from 3.2 percent to 0.4 percent) and Spain (from 2.9 percent to 0.1 percent). Price growth in Japan, however, has accelerated substantially over the last year. All countries compared except Japan and Norway experienced lower inflation rates in February than one year ago.  See Table 1.

The CPI and HICP are both measures of inflation. They reflect the average change in prices over time paid by consumers for a market basket of customary goods and services. The CPI measures in this report have not been adjusted for comparability, whereas the HICP are an internationally comparable measure of consumer price inflation.  For more information, see the Technical Notes. 

 

 

Table 1. HICP-based annual inflation rate, 2011 - 2014

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

 20112012  Feb. 13Dec. 13 Jan. 14 Feb. 14
United States 3.9 2.2 1.9 1.2 1.3 0.8
Austria 3.6 2.6 2.6 2.0 1.5 1.5
Belgium 3.5 2.6 1.4 1.2 1.1 1.0
Denmark 2.7 2.4 1.0 0.4 0.8 0.3
Euro Area 2.7 2.5 1.8 0.8 0.8 0.7
European Union 3.1 2.6 2.0 1.0 0.9 0.8
France 2.3 2.2 1.2 0.8 0.8 1.1
Germany 2.5 2.2 1.8 1.2 1.2 1.0
Italy 2.9 3.3 2.0 0.7 0.6 0.4
Japan -0.3 0.0 -0.7 1.9 1.6 1.9
Netherlands 2.5 2.8 3.2 1.4 0.8 0.4
Norway 1.2 0.4 0.6 1.8 2.1 1.9
Spain 3.1 2.4 2.9 0.3 0.3 0.1
Sweden 1.4 0.9 0.5 0.4 0.2 0.1
Switzerland 0.1 -0.8 0.1 0.3 0.2 -0.2
United Kingdom 4.5 2.8 2.8 2.0 1.8 1.8
Note: For the United States and Japan, underlying indexes of consumer prices are from their national statistical offices. For European economies, underlying indexes are from the European Commission (Eurostat). Calculations by The Conference Board.
Data for the Euro Area refer to the Monetary Union Index of Consumer Prices (MUICP).
Data for the European Union refer to the European Index of Consumer Prices (EICP).
For more information, see the Technical Notes. 
Source: The Conference Board, International Labor Comparisons program 

 

Table 2. Change in HICP-based annual inflation rate, 2011 - 2014

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

 20112012  Feb. 13Dec. 13 Jan. 14 Feb. 14
United States 1.4 -1.7 0.3 0.3 0.1 -0.5
Austria 1.9 -1.0 -0.2 0.5 -0.5 0.0
Belgium 1.1 -0.9 -0.1 0.3 -0.1 -0.1
Denmark 0.5 -0.3 0.0 0.1 0.4 -0.5
Euro Area 1.1 -0.2 -0.2 -0.1 0.0 -0.1
European Union 1.0 -0.5 -0.1 0.0 -0.1 -0.1
France 0.5 -0.1 -0.2 0.0 0.0 0.3
Germany 1.4 -0.3 -0.1 -0.4 0.0 -0.2
Italy 1.2 0.4 -0.4 0.0 -0.1 -0.2
Japan 0.5 0.3 -0.4 0.0 -0.3 0.3
Netherlands 1.6 0.3 0.0 0.2 -0.6 -0.4
Norway -1.2 -0.7 -0.6 -0.5 0.3 -0.2
Spain 1.0 -0.6 0.1 0.0 0.0 -0.2
Sweden -0.6 -0.4 -0.2 0.1 -0.2 -0.1
Switzerland -0.6 -0.9 0.2 0.1 -0.1 -0.4
United Kingdom 1.1 -1.6 0.1 -0.1 -0.2 0.0
Note:
For the United States and Japan, underlying indexes of consumer prices are from their national statistical offices. For European economies, underlying indexes are from the European Commission (Eurostat). Calculations by The Conference Board.
Data for the Euro Area refer to the Monetary Union Index of Consumer Prices (MUICP).
Data for the European Union refer to the European Index of Consumer Prices (EICP).
For more information, see the Technical Notes. 
Source: The Conference Board, International Labor Comparisons program 

 

Table 3. CPI-based annual inflation rate, 2011 - 2014

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

 20112012  Feb. 13Dec. 13 Jan. 14 Feb. 14
United States 3.2 2.1 2.0 1.5 1.6 1.1
Austria 3.3 2.5 2.5 1.9 1.6 1.5
Belgium 3.5 2.8 1.2 1.0 1.1 1.0
Canada 2.9 1.5 1.2 1.2 1.5 1.1
Denmark 2.8 2.4 1.2 0.8 1.0 0.5
France 2.1 2.0 1.0 0.7 0.7 0.9
Germany 2.3 2.0 1.5 1.4 1.3 1.2
Italy 2.8 3.0 1.9 0.7 0.7 0.5
Japan -0.3 0.0 -0.6 1.6 1.4 1.5
Netherlands 2.3 2.5 3.0 1.7 1.4 1.1
Norway 1.2 0.8 1.0 2.0 2.3 2.1
Spain 3.2 2.4 2.8 0.3 0.2 0.0
Sweden 3.0 0.9 -0.2 0.1 -0.2 -0.2
Switzerland 0.3 -0.7 -0.2 0.0 0.0 -0.2
United Kingdom 5.2 3.2 3.2 2.7 2.8 2.7
Note: Underlying consumer price indexes are from the national statistical offices of the countries compared. Calculations by The Conference Board.  For more information, see the Technical Notes
Source: The Conference Board, International Labor Comparisons program 

 

Table 4. Change in CPI-based annual inflation rate, 2011 - 2014

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

 20112012  Feb. 13Dec. 13 Jan. 14 Feb. 14
United States 1.5 -1.1 0.4 0.3 0.1 -0.5
Austria 1.4 -0.8 -0.1 0.5 -0.3 -0.1
Belgium 1.3 -0.7 -0.3 0.2 0.1 -0.1
Canada 1.1 -1.4 0.7 0.3 0.3 -0.4
Denmark 0.4 -0.3 -0.1 0.3 0.2 -0.5
France 0.6 -0.2 -0.2 0.0 0.0 0.2
Germany 1.2 -0.3 -0.2 0.1 -0.1 -0.1
Italy 1.3 0.2 -0.3 0.0 0.0 -0.2
Japan 0.4 0.3 -0.3 0.0 -0.2 0.1
Netherlands 1.1 0.1 0.0 0.2 -0.3 -0.3
Norway -1.2 -0.5 -0.3 -0.5 0.3 -0.2
Spain 1.4 -0.7 0.1 0.1 -0.1 -0.2
Sweden 1.8 -2.1 -0.2 0.0 -0.3 0.0
Switzerland -0.4 -1.0 0.1 0.0 0.0 -0.2
United Kingdom 0.6 -2.0 -0.1 0.1 0.1 -0.1
Note: Underlying consumer price indexes are from the national statistical offices of the countries compared. Calculations by The Conference Board.  For more information, see the Technical Notes
Source: The Conference Board, International Labor Comparisons program 

 

International Indexes of Consumer Prices 2014 Publication Schedule

Thursday, May 1 (Data for March 2014)
Thursday, June 5 (Data for April 2014)
Thursday, July 3 (Data for May 2014)
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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