Consumer prices on the rise

Consumer prices rose by 3.1% in Britain over the year to February, the Organisation for Economic Co-operation and Development (OECD) says.

Annual consumer price inflation in the OECD area remained at 1.3%, the organisation said in an official statement.

On a month-to-month basis, prices rose by 0.4% in February, which is the “first tangible positive increase since July 2008”, the OECD statement notes.

Over the year to February, consumer prices also increased in Italy (1.6%), in Canada (1.4%), in Germany (1%) and in France (0.9%).

The Harmonised Index of Consumer Prices (HICP), an indicator of inflation and price stability used by the European Central Bank, was up by 1.2% in the 12 months to February. In January, an increase of 1.1% was recorded. Month-on-month, the HICP increased by 0.4%, after a 0.8% decline.

America’s Consumer Price Index (CPI) rose by 0.2%. It was stable in the year to January, the OECD says. Consumer prices in Japan, however, decreased by 0.1% year-on-year in February, after remaining stable in the year to January, the statement continues.

Within the OECD area, consumer prices for energy fell by 8.6% in the year to February, following a 9.6% fall in January. Over the same time, consumer prices for food rose by 4.8% in the year to February, compared with a 5.4% rise recorded in January.

Excluding food and energy, the statement continues, the rise in consumer prices at 1.9% remained unchanged when compared with the previous month.

Following a 9.6% fall in January, energy prices fell by 8.6% in the year to February. Food prices increased by 4.8% in the year to February, while the OECD recorded an increase of 5.4% in January.

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