By ; Mohamed Shawky
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. Graph 1 - Consumer prices, selected areas November 2020, percentage change on the same period of the previous year, % Visit the interactive OECD Data Portal to explore these data further Graph 2 Energy (CPI) and Food (CPI), selected areas November 2018 November 2020, percentage change on the same period of the previous year, % 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) remained both stable for the third consecutive month in November at (minus) 0.3% and (plus) 0.2% respectively. Eurostats flash estimate for December points to another month of stability in both measures (i.e. minus 0.3% and 0.2%). Graph 3 - Total (CPI) and euro area (HICP) Percentage change on the same month of the previous year Annual inflation in the G20 area as a whole decreased to 2.0% compared with 2.2% in November. Among non-OECD G20 economies, annual inflation decreased in Argentina (to 35.8%, from 37.2%), China (to minus 0.5% - the first negative rate since October 2009 - from 0.5%), India (to 5.3%, from 5.9%) and South Africa (to 3.2%, from 3.3%). Annual inflation increased in the Russian Federation (to 4.4%, from 4.0%), Brazil (to 4.3%, from 3.9%), and Indonesia (to 1.5%, from 1.3%). It was stable at 5.8% in Saudi Arabia.
