Higher energy prices pushed annual inflation in OECD area up to 2.1 per cent in the year to January 2010, according to new figures released today.
An annual increase of 10.6 per cent in prices saw overall inflation increase from 1.9 per cent in December 2009, the data shows.
Energy prices rose by 19.1 per cent in the United States alone.
Meanwhile, consumer prices for food in the OECD area decreased by 0.7 per cent in the year to January 2010, compared with a fall of 1 per cent in December. Excluding food and energy, consumer prices rose by 1.6 per cent in the year to January 2010, unchanged from December 2009.
Euro area annual inflation (HICP) rose slightly to 1 per cent, up from 0.9 per cent in December but still positive when compared with the US where inflation was 2.6 per cent, Canada at 1.9 per cent, and Britain, which at 3.5 per cent recorded the highest annual inflation among the G7 countries.
Annual inflation in Japan, the world's second biggest economy, remained in negative territory with prices declining by 1.3 per cent over the year ending January 1st compared to a drop of 1.7 per cent in December.
Annual inflation was 1.3 per cent in Italy, 1.1 per cent in France and 0.8 per cent in Germany, the figures.
Month-on-month, prices in the OECD area increased by 0.2 per cent in January after being stable in December 2009. Month-on-month prices rose by 0.3 per cent in the US and Canada but fell by 0.8 per cent in the Euro area (HICP).
The Organisation for Economic Co-operation and Development (OECD) area covers the 30 countries including Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, Turkey, United Kingdom and United States.
