OECD annual inflation rises to 2.9% in April

08:10, June 01, 2011      

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Buoyed by higher energy and food prices, consumer prices in the OECD area rose by 2.9 percent in April, continuing the uptrend from the 2.7-percent rate in March, the Paris-based Organization for Economic Cooperation and Development said Tuesday.

The inflation rate, the highest since October 2008, was driven by an acceleration in energy prices which grew by 13.8 percent in April, compared with 12.4 percent in March. Food prices rose by 3.1 percent in April, slower from 3.2 percent increase in March, according to the OECD's latest report.

Excluding food and energy, consumer prices rose by 1.6 percent in April from a year earlier. The fast growth also ranked the highest rate since January 2010.

Except Canada, which saw stable inflation rate in April, all other six major developed countries recorded accelerated increase in consumer prices.

Britain and the United States had the most strongly accelerated inflation respectively of 4.5 percent and 3.2 percent in April, while Germany registered 2.4 percent increase, Italy 2.6 percent, France 2.1 percent and Japan 0.3 percent.

Euro area annual inflation rose to 2.8 percent in April up from 2.7 percent in March.

For major non-OECD economies, the picture is mixed. Leading by Russia, whose consumer prices rose by 9.6 percent up from 9.4 percent in March, Brazil's and South Africa's inflation both quickened, with rates respectively at 6.5 percent and 4.2 percent.

Indonesia and China belonged to those countries showing falls in the inflation rate compared to that in March.

Source: Xinhua
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