British price inflation above average, says OECD

Over the year to January, consumer prices rose by 3% in Britain, more than the Organisation for Economic Co-Operation and Development (OECD) average, OECD figures show.

In the OECD area, consumer prices rose by 1.3% over the year to the end of January, compared with 1.5% in the year to December. Month-to-month prices were broadly stable in January, after declining 0.5% in December.

Consumer prices for energy were down by 9.6% in January, following a fall of 8.9% in December. However, consumer prices for food were up by 5.4% in January, compared with 6% in December. Excluding food and energy, consumer prices rose by 1.9% in the year to January, compared with 2% in December.

The Harmonised Index of Consumer Prices (HICP), which is an indicator of inflation and price stability for the eurozone, also rose. The HICP increased by 1.1% in the year to January, compared with 1.6% in the year to December.

Month-on-month, the HICP in the eurozone decreased by 0.8% in January, after declining 0.1% in December. Excluding food and energy, the yearly rise in the HICP in the eurozone was 1.6% in January. In December the increase was 1.9%.

Consumer prices rose by 1.6% in Italy, 1.1% in Canada, 0.9% in Germany and 0.7% in France.

In America, the consumer price index remained stable over the year to January, compared with a rise of 0.1% in the year to December. In Japan, consumer prices remained stable year-on-year in January, after rising 0.4% in the year to December.

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