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OECD: Inflation Accelerates – August 2021 Data Published

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The Organization for Economic Cooperation and Development (OECD) in October 2021 published its latest data about inflation.

According to the OECD, the Consumer Price Index (CPI) continued upward, reaching 4.3% in August 2021 driven by energy and food prices. The new data point compares with 4.2% in July, continuing the upward trend beginning in December 2020.

In the euro area, annual inflation picked up strongly to 3.0% in August 2021, from 2.2% in July, but remained lower than in the OECD area, particularly compared with the United States, where annual inflation stood at 5.3% for the same period.

Energy prices in the OECD area rose at a faster pace in August (18.0%) than in July (17.4%) reaching the highest rate since September 2008. Food price inflation also increased sharply to 3.6%, compared with 3.1% in July. Excluding food and energy, OECD annual inflation remained stable at 3.1% for the third consecutive month.

Detailed data, comments, and graphs as well as links to detailed country-level data can be found on the OECD website and in the press release (downloadable PDF).

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