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Based on price indexes compiled by The Conference Board International Labor Comparisons program, average annual inflation in 2013 slowed in 13 of the 16 economies compared, and most economies experienced declining inflation for the second year in a row. Comparable inflation rates in this report are based on the harmonized index of consumer prices (HICP). Inflation in the Euro Area, as a whole, fell from 2.5 percent in 2012 to 1.3 percent in 2013, reflecting the sluggish economic conditions in member countries throughout the year. Inflation accelerated compared to the previous year in Norway, Switzerland, and Japan.