Annual inflation in the OECD area was stable at 2.1 % in February 2019. Energy prices were flat in February, compared with a decrease of (minus) 0.1 % in January, while food price inflation picked up to 2.3 %, compared with 1.9 % in January. Inflation excluding food and energy was also 2.1 % in February 2019, slightly lower than in January (2.2 %)
In February 2019, annual inflation was stable in the United Kingdom and Japan at 1.8% and 2.0%, respectively. It increased marginally in Canada (to 1.5%, from 1.4%), France (to 1.3%, from 1.2%), Germany (to 1.5%, from 1.4%) and Italy (to 1.1%, from 0.9%) and decreased slightly in the United States (to 1.5%, from 1.6%).
Annual inflation in the Euro area, as measured by the HICP , increased to 1.5 % in February, compared with 1.4 % in January. Excluding food and energy, euro area inflation decreased to 1.0 % in February, compared with 1.1 % in January. Eurostat’s flash estimate for inflation was 1.4 % in March 2019, and inflation excluding food and energy, 0.8 %.
Annual inflation in the G20 area was stable at 3.1 % in February 2019. Among the G20 emerging economies, annual inflation decreased in Saudi Arabia (to -2.2 %, from -1.9 %), Indonesia (to 2.6 %, from 2.8 %) and China (to 1.5 %, from 1.7 %). On the other hand, inflation picked up in Argentina (to 51.3 %, from 49.3 %), India (to 7.0 %, from 6.6 %), the Russian Federation (to 5.2 %, from 5.0 %), South Africa (to 4.1 %, from 3.9 %) and Brazil (to 3.9 %, from 3.8 %).
Notes:
HICP (Harmonised Indices of Consumer Prices) published by Eurostat were revised due to improved calculation of HICP special aggregates. For more information please see: https://ec.europa.eu/eurostat/documents/272892/272974/Improved_calculations_and_methods_change.pdf
On 11 July 2017, the Argentinian Authorities started to publish a new national CPI (December 2016 = 100) covering the whole country. This officially reported CPI-series starts in December 2016, and has now been included in the G20 aggregate, from January 2018 onwards. The inclusion of the Argentinian CPI in the G-20 aggregate entailed a clear break in the series.