OECD: Inflation Accelerates – August 2021 Data Published
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.