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According to the Harmonised Index of Consumer Prices (HICP), which is a consumer price index compiled by the European Central Bank according to a harmonised methodology across EU member states and some bilateral treaty partners, consumer prices in Ireland decreased by 1 percent for all items.

 

However, according to the OECD Consumer Price Index (CPI), consumer prices in Ireland rose by 0.5 percent in September 2010 compared to September 2009. This index indicated that prices for food reduced by 2 percent for the period, while energy prices rose by 8 percent.

 

For countries that experienced growth according to the OECD CPI, Ireland placed second to Switzerland for the lowest increase in prices for the period recorded. Switzerland saw a 0.3 percent rise in prices for all items in both the OECD consumer price index and the HICP.

 

Consumer prices in the OECD area rose by 1.7 percent in the year to September 2010, up from 1.6 percent in August. This small pick-up in inflation mainly reflects higher food and energy prices, which increased by 2.3 percent and 5.2 percent respectively in September, compared with 1.4 percent and 4.8 percent respectively in August.

 

Japan continued to experience deflation for the twentieth consecutive month with consumer prices falling by 0.6 percent in the year to September 2010.