Annual inflation in the OECD area was stable at 1.6 % in October 2019. Energy prices continued to fall, by (minus) 3.0 %, following a contraction of (minus) 2.7 % in September, while food price inflation picked-up marginally, to 1.4 %, compared with 1.3 % in September. Annual inflation excluding food and energy slowed to 2.0 % in October compared with 2.1 % in September.
In October 2019, annual inflation was stable in Canada (at 1.9 %) and Japan (at 0.2 %), while it decreased in the United Kingdom (to 1.5 %, from 1.7 % in September), Germany (to 1.1 %, from 1.2 %), France (to 0.8 %, from 0.9 %) and Italy (to 0.2 %, from 0.3 %). Annual inflation increased slightly in the United States (to 1.8 %, from 1.7 %).
Annual inflation in the Euro area, as measured by the HICP, slowed to 0.7 % in October, compared with 0.8 % in September. Excluding food and energy, euro area inflation increased slightly to 1.1 %, compared with 1.0 % in September. Eurostat’s flash estimate for November points to annual inflation and inflation excluding food and energy picking up to 1.0 % and 1.3 % respectively.
Annual inflation in the G20 area increased slightly to 3.2 % in October 2019, compared with 3.1 % in September. Among non-OECD G20 economies, annual inflation picked up in India (to 7.6 %, from 7.0 %) and China (to 3.8 %, from 3.0 %). It decreased, but remained very high in Argentina (to 50.5 %, from 53.5 %). Inflation also slowed in South Africa (to 3.7 %, from 4.1 %), Brazil (to 2.5 %, from 2.9 %), Indonesia (to 3.1 %, from 3.4 %) and the Russian Federation (to 3.8 %, from 4.0 %). In Saudi Arabia prices continued to fall, albeit at a slower pace (minus 0.3 % in October, compared with minus 0.7 % in September).