The first release of the G20 Consumer Price Index shows slowing annual inflation at 3.0% in August 2013.
Today's release of the G20 Consumer Price Index (CPI) marks the second release of a G20 aggregate statistic following the first publication of aggregate quarterly G20 GDP estimates on 14 March 2012. The releases on G20 aggregates contribute to the implementation of the G20 Data Gaps Initiative – a set of 20 recommendations on the further enhancement of statistics as agreed by the G20 Finance Ministers and Central Bank Governors. The process is coordinated by the Inter-Agency Group on Economic and Financial Statistics: Bank for International Settlements, European Central Bank, Eurostat, International Monetary Fund (chair), OECD, United Nations and the World Bank.
The G20 CPI provides a timely measure of inflation for the G20. In the future, the G20 CPI will become part of the regular OECD monthly News Release on CPI around one month after the reference period.
Annual inflation in the G20 area was 3.0% in the year to August 2013, down from 3.2% in the year to July 2013.
The G20 CPI aggregate reflects diverging patterns among the world's largest economies. India, Argentina, Indonesia and Turkey experienced the highest annual inflation rates (equal to or above 8.0%) in August 2013, while Japan, France, Canada and Italy had the lowest annual inflation rate (between 0.9% and 1.2%).
In August 2013, annual inflation slowed in Turkey (to 8.0%, down from 8.6% in July), the United States (to 1.5%, down from 2.0%), Germany (to 1.6%, down from 1.9%), and more moderately in the European Union (to 1.5%, down from 1.7%), Brazil (to 6.1%, down from 6.3%), India (to 10.7%, down from 10.8%) and China (to 2.6%, down from 2.7%). In contrast, annual inflation picked up in Indonesia (to 8.8%, up from 8.6%) and Japan (to 0.9%, up from 0.7%) while it remained stable in the Russian Federation (at 6.5%), South Africa (at 6.4%), Mexico (at 3.5%), and Italy (at 1.2%).