OECD annual inflation nudges up to 2.3% in September 2017

Annual inflation in the OECD area nudged up to 2.3 % in September 2017, compared with 2.2 % in August 2017. Energy prices increased by 7.7 %, compared with 5.9 % in August while food prices increased marginally by 1.9 %, compared with 1.8 % in August. Excluding food and energy, inflation was stable at 1.8 % for the fifth consecutive month

Annual inflation increased in the United States (to 2.2 % in September, up from 1.9 % in August), Canada (to 1.6 %, up from 1.4 %), and, less significantly, in France (to 1.0 %, up from 0.9 %) and the United Kingdom (to 3.0 %, up from 2.9 %). It was stable in Japan (at 0.7 %) and Germany (at 1.8 %), and it decreased slightly in Italy (to 1.1 %, down from 1.2 %).

Annual inflation in the Euro area, as measured by the HICP, was stable at 1.5 % in September. Excluding food and energy, annual inflation decreased to 1.1% in September, compared with 1.2 % in August. Eurostat’s flash estimate for October 2017 points to a slight decrease in both overall annual inflation (to 1.4 %) and inflation excluding food and energy (to 0.9 %).

Annual inflation in the G20 area increased to 2.4 % in September, compared with 2.3 % in August. Among G20 emerging economies, annual inflation picked up in India (to 2.9%, up from 2.5%) and South Africa (to 4.9 %, up from 4.6 %) and remained stable in Brazil (at 2.5 %) and Saudi Arabia (at -0.1 %). It decreased in the Russian Federation (to 3.0 %, down from 3.3 %), China (to 1.6 %, down from 1.8 %) and Indonesia (to 3.7 %, down from 3.8 %).

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