Monthly International Indexes of Consumer Prices

December 2014

5 Feb. 2015

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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 January 2015 will be posted in March 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 December 2014, annual inflation as measured by the Harmonized Index of Consumer Prices (HICP) decreased in 13 of 16 countries compared, with Austria and the United States posting the largest declines.  The large downward pressure on inflation was due to the continued decline of oil prices at the end of 2014.  December was the first month since May 2009 where no price growth occurred in the countries compared.  See Table 1 and Table 2.  

Also in December, 7 of the 16 countries compared experienced deflation.  This is the largest number of countries that experienced deflation since the global recession in 2009.  While there was no deflation in the United States in December, the US saw the lowest inflation level  (0.2 percent) since October 2009.

December inflation remained below 1 percent in all countries compared, except Japan (3.0 percent) and Norway (2.0 percent).  All countries covered except Japan and Norway experienced lower inflation in December 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

 20122013Dec-13Oct-14Nov-14Dec-14
United States 2.2 1.3 1.2 1.4 0.9 0.2
Austria 2.6 2.1 2.0 1.4 1.5 0.8
Belgium 2.6 1.2 1.2 0.3 0.1 -0.4
Denmark 2.4 0.4 0.4 0.3 0.2 0.1
Euro Area 2.5 1.3 0.8 0.4 0.3 -0.2
European Union 2.6 1.5 1.0 0.5 0.3 -0.1
France 2.2 1.0 0.8 0.5 0.4 0.1
Germany 2.2 1.6 1.2 0.7 0.5 0.1
Italy 3.3 1.3 0.7 0.2 0.3 -0.1
Japan 0.0 0.5 1.9 3.4 3.0 3.0
Netherlands 2.8 2.6 1.4 0.4 0.3 -0.1
Norway 0.4 1.9 1.8 1.9 2.0 2.0
Spain 2.4 1.5 0.3 -0.2 -0.5 -1.1
Sweden 0.9 0.4 0.4 0.3 0.3 0.3
Switzerland -0.8 0.1 0.3 0.1 0.1 -0.1
United Kingdom 2.8 2.5 2.0 1.3 0.9 0.5
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

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

 20122013Dec-13Oct-14Nov-14Dec-14
United States 2.1 1.5 1.5 1.7 1.3 0.8
Austria 2.5 2.0 1.9 1.6 1.7 1.0
Belgium 2.8 1.1 1.0 0.1 -0.1 -0.4
Canada 1.5 0.9 1.2 2.4 2.0 1.5
Denmark 2.4 0.8 0.8 0.5 0.5 0.3
France 2.0 0.9 0.7 0.5 0.3 0.1
Germany 2.0 1.5 1.4 0.8 0.6 0.2
Italy 3.0 1.2 0.7 0.1 0.2 0.0
Japan 0.0 0.3 1.6 2.9 2.4 2.4
Netherlands 2.5 2.5 1.7 1.1 1.0 0.7
Norway 0.8 2.1 2.0 2.0 1.9 2.1
Spain 2.4 1.4 0.3 -0.1 -0.4 -1.0
Sweden 0.9 0.0 0.1 -0.1 -0.2 -0.3
Switzerland -0.7 -0.2 0.0 0.0 0.0 -0.3
United Kingdom 3.2 3.0 2.7 2.3 2.0 1.6
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

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

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