Consumer prices in the OECD area rose by 2.7% in the year to March 2011, compared with 2.4% in February. This increase was driven by an acceleration in energy prices which grew by 12.4% in March, compared with 10.2% in February. Food prices continued to rise at relatively high rates: 3.2% in March (compared with 3.1% in February).

Consumer prices, selected areas
March 2011, percentage change on the same month of the previous year


Excluding food and energy, consumer prices rose by 1.4 % in March 2011, the highest rate since March 2010.

Inflation accelerated strongly in the year to March 2011 in Canada (to 3.3%, up from 2.2% in February) and the United States (to 2.7%, up from 2.1%). It also accelerated in France (to 2.0%, up from 1.7%) and Italy (to 2.5%, up from 2.4%) but was stable in Germany (2.1%) and Japan (0.0%). In the United Kingdom, inflation remained relatively high compared to other major economies but slowed to 4.0% in March compared with 4.4% in February. Euro area annual inflation (HICP) rose to 2.7%, up from 2.4% in February.

Compared to the previous month, consumer prices in the OECD area rose by 0.7% in March 2011. They rose by 1.1% in Canada, 1.0% in the United States, 0.8 % in France, 0.5% in Germany, 0.4% in Italy and by 0.3% in Japan and the United Kingdom.