Inflation in OECD Accelerates to 4.5% in October

The annual rate of consumer price inflation in the Organisation for Economic Co-operation and Development (OECD) countries accelerated to 4.5% in October, up from 4.4% in the previous month.

Before that, inflation had been weakening for four consecutive months. The report said price increases strengthened in 16 countries and slowed in 14 in October.

Energy prices in the OECD fell by 0.5% last month (after falling by 2.2% in September). Food costs rose by 3.9% after rising by 3.7% in the first month of autumn.

Consumer prices excluding food and energy (core inflation) rose 5% in October, compared with 5.1% a month earlier.

Inflation in the G7 countries accelerated from 2.2% to 2.3%, while in the G20 countries it fell from 6.0% to 5.9%.

In the euro area, consumer prices (HICP) rose by 2% in October, after rising by 1.7% in the previous month. In the euro area, energy prices fell by 4.6%, while food prices rose by 2.2%. The HICP excluding food and energy rose by 2.7%, the same as in September.

Preliminary data from the European Union’s statistical office showed that inflation in the eurozone rose to 2.3% in November.

The OECD, founded in 1961, is one of the world’s leading economic organizations, comprising 38 countries. It currently includes Australia, Austria, Belgium, the United Kingdom, Hungary, Germany, Greece, Denmark, Israel, Ireland, Iceland, Spain, Italy, Canada, Colombia, Costa Rica, Latvia, Lithuania, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Slovenia, the United States, Turkey, Finland, France, the Czech Republic, Chile, Switzerland, Sweden, Estonia, South Korea and Japan.