OECD; Better News on Consumer Prices for August 2009

Organisation for Economic Development figures published today show a slower fall in consumer prices for August 2009 than for the previous month. Consumer Prices in the OECD area fell 0.3% in the year to August 2009, compared with a fall of 0.6% in the year to July.

Month-on-month, prices rose by 0.2% in August, compared with a fall of 0.2% in July 2009.

Consumer prices for energy were down by 14.4% in the year to August 2009, following a fall of 18.1% in July. Consumer prices for food were up by 0.1% in the year to August, compared with 0.6% in July. Excluding food and energy, consumer prices rose by 1.5% in the year to August 2009, compared with 1.6% in July 2009.

In the euro area, annual inflation (HICP) was -0.2% in August 2009, up from -0.6% in July. Month-on-month, the HICP increased by 0.3% in August, compared with a fall of 0.7% in July. Excluding food and energy, the year-on-year rise in the HICP amounted to 1.3% in August, unchanged from July.
In the United States, the Consumer Price Index (CPI) fell by 1.5% over the year to August 2009, compared with a decline of 2.1% in the year to July.
In Japan, consumer prices fell by 2.2% in the year to August, unchanged from July 2009.
Over the year to August, annual inflation was 1.6% in the United Kingdom, 0.1% in Italy, 0.0% in Germany, -0.2% in France, and -0.8% in Canada.