The Organization for Economic Co-operation and Development (OECD) has finished aggregating the May inflation data provided by its member countries and has released the results. Energy prices were up a whopping 14.2% for the 12 months ending in May while food prices were up by 3.9%. The overall average for all products in all the OECD countries was 3.2% in May. This was up from the 2.9% reported in April. The major components of this increase were mainly a sharp acceleration of inflation in Canada (to 3.7% in May, up from 3.3% in April) and the United States (to 3.6%, up from 3.2%) with high food and energy prices being the main drivers. The following chart breaks the components down by … [Read more...]
Euro Area Inflation Estimated at 4.0%
At 4% Euro Area inflation is very similar to the U.S. Inflation rate. On June 30, 2008 the Eurozone released what they call a "Flash" estimate of their inflation rate for the month of June. It is provisional and could be modified before the final release. But they claim it is 95% accurate. Calculating Inflation in the EuroZone is more complex than for a single country. Their individual country inflation calculations are called HICPs (Harmonised Indices of Consumer Prices). Current Euro Area Inflation Chart (1 Yr) %CODE3% Chart courtesy of www.rivaluta.it While the combined inflation rate is called "The Monetary Union Index of Consumer Prices" (MUICP) which … [Read more...]
