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Consumer prices in the OECD area rose by 2.1 percent in the year to December 2010, up from 1.8 percent in November. This pick-up in inflation was partly driven by higher energy prices which increased by 8.3 percent in the year to December, compared with 5.4 percent in November.

In Ireland, the consumer prices for all items rose by 1.3 percent, with energy seeing an above OECD-average increase of 13.7 percent. The Euro-area saw greater inflation in consumer prices for all items and energy than both the OECD average as well as the US. The percentage change for the year to December 2010 in all items was 2.2 percent and for energy was 11 percent in the Euro-area, in the US the percentage for all items was 1.5 percent and for energy 7.7 percent.

Consumer prices in the year to December were stable in Japan but rose in all other G7 countries. They rose sharply in the United Kingdom (to 3.7 percent up from 3.2 percent in November), in Canada (to 2.4 percent up from 2.0 percent in November), in the United States (to 1.5 percent up from 1.1 percent), and more moderately in Italy (to 1.9 percent up from 1.7 percent in November), in France (to 1.8 percent up from 1.6 percent in November) and in Germany (to 1.7 percent up from 1.5 percent in November).

 

Compared to the previous month, consumer prices in the OECD area rose by 0.3 percent in December. They rose by 1.0 percent in Germany and in the United Kingdom, by 0.5 percent in France, by 0.4 percent in Italy and by 0.2 percent in the United States. They remained stable in Canada and fell by 0.3 percent in Japan.