Inflation in OECD Countries Remains Fairly High

Tuesday, November 04, 2008


Lower commodity and energy prices led to a light decline of consumer prices in the 30 country strong Organisation for Economic Cooperation and Development (OECD) in September. A headline figure of 4.5% (August 4.7%) is overshadowed by hefty raises for food and energy, said the OECD on Tuesday.
  • Consumer prices in the OECD area rose by 4.5% in the year to September 2008, compared with 4.7% in the year to August 2008. Month-on-month, the price level remained stable in September, compared with a decrease of 0.1% in August. 
  • Consumer prices for energy were up by 18.9% in the year to September, compared with 20.9% in August. 
  • Consumer prices for food were up by 6.8% compared with 7.1% in August. 
  • Excluding food and energy, consumer prices rose by 2.4% in the year to September, compared with 2.3% in August.

TABLE: The latest inflation figures for all OECD countries. Click the table for a larger image. Source: OECD
In the euro area, the Harmonised Index of Consumer Prices (HICP) was up by 3.6% in the year to September, compared with 3.8% in the year to August. Month-on-month, the HICP in the euro area increased by 0.2% in September, following a decrease of 0.1% in August. Excluding food and energy, the year-on-year rise in the HICP in the euro area amounted to 1.9% in September, unchanged from August.
In the United States, the Consumer Price Index (CPI) increased by 4.9% over the year to September, compared with 5.4% in the year to August.
In Japan, consumer prices were up by 2.1% year-on-year in September, unchanged from August.
Over the year to September, consumer prices rose by 5.2% in the United Kingdom, 3.8% in Italy, 3.4% in Canada, 3.0% in France and 2.9% in Germany.

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