Consumer prices in the Organisation for Economic Co-operation and Development (OECD) area rose by 2.7 per cent in the year to March 2011, according to new figures published today.
This compares with a 2.4 per cent rise in the year to the end of February.
The OECD, which comprises of 34 member countries including Ireland, attributed the rise in consumer prices to increased food and energy costs. When such costs are excluded, consumer prices were up by 1.4 per cent in March, compared to the preceding month.
Consumer prices in the OECD area rose by 0.7 per cent from February to March 2011. The highest increase was recorded in Canada where prices rose by 1.1 per cent. Prices increased by 1 per cent in the US, by 0.8 per cent in France, by 0.5 per cent in Germany, by 0.4 per cent in Italy and by 0.3 per cent in Japan and the UK.
Inflation accelerated strongly in the year to March 2011, particularly in Canada, the US, France and Italy.
In the UK, inflation remained relatively high compared to other major economies but slowed to 4 per cent in March compared with 4.4 per cent in February.
Euro area annual inflation (HICP) rose to 2.7 per cent, up from 2.4 per cent, the figures show.