Annual inflation in the OECD area was stable at 1.2% in November. Energy prices declined by (minus) 8.1%, a faster pace than in October (minus 7.7%), while food price inflation slowed to 3.3%, compared with 3.6% in October. OECD annual inflation excluding food and energy was also stable at 1.6% in November 2020.
In November, annual inflation was stable in the United States at 1.2%. It slowed in the United Kingdom (to 0.6%, from 0.9%) while it picked up in Canada (to 1.0%, from 0.7%) and France (to 0.2%, from 0.0%). In Japan and Germany, overall prices continued to fall in November by (minus) 0.9% and (minus) 0.3% respectively, at a faster pace than in October (minus 0.4% and minus 0.2% respectively). In Italy, overall prices also continued to fall in November (to minus 0.2%) but at a slower pace than in October (minus 0.3%).
In the Euro area, annual inflation and inflation excluding food and energy (as measured by the HICP[1]) remained both stable for the third consecutive month in November at (minus) 0.3% and (plus) 0.2% respectively. Eurostat’s flash estimate for December points to another month of stability in both measures (i.e. minus 0.3% and 0.2%).
[1] HICP (Harmonised Indices of Consumer Prices) published by Eurostat.
