OECD annual inflation increases to 1.2 % in September 2016, driven by energy prices

OECD annual inflation increases to 1.2 % in September 2016, driven by energy prices

Annual inflation in the OECD area rose to 1.2 % in September 2016, compared with 0.9 % in August. This increase in the annual rate of inflation was mainly driven by energy prices which fell at a slower pace (-2.8 %) in the year to September, than in the year to August 2016 (-6.7 %). On the other hand, food prices decreased somewhat more in September: -0.4 %, compared with -0.1 % in August. Excluding food and energy, annual inflation was stable at 1.8% in September, for the third consecutive month

OECD 1

OECD 2

 

Annual inflation increased in all major OECD economies in September 2016 except in Japan where it was stable (at -0.5 %). Annual inflation increased in the United States (to 1.5 % in September, up from 1.1% in August), the United Kingdom (to 1.0 %, up from 0.6 %), Germany (to 0.7 %, up from 0.4%), Canada (to 1.3 %, up from 1.1 %), France (to 0.4 %, up from 0.2 %) and Italy (to 0.1 %, up from -0.1 %).

OECD 3

Euro area annual inflation, as measured by the HICP, rose to 0.4 % in September, compared with 0.2 % in August 2016. Excluding food and energy, Euro area annual inflation was stable at 0.8 %. Eurostat’s flash estimate for October 2016 points to a pick-up in overall annual inflation to 0.5 % in the Euro area.

 

OECD 4

Annual inflation in the G20 area increased slightly to 2.2 % in September, compared with 2.1 % in August. Among G20 emerging economies, annual inflation increased in China (to 1.9%, up from 1.3%), Indonesia (to 3.1 %, up from 2.8 %) and South Africa (to 6.5 %, up from 6.3 %). On the other hand, it decreased in India (to 4.1 %, down from 5.3 %), Brazil (to 8.5 %, down from 9.0 %), the Russian Federation (to 6.4%, down from 6.9 %) and Saudi Arabia (to 3.0 %, down from 3.3 %).

OECD 5

 

www.oecd.org


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