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OECD Releases September 2022 Inflation Figures

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The Organization for Economic Cooperation and Development (OECD) in November 2022 released its latest inflation figures.

The Consumer Price Index (CPI) rose to 10.5% in September 2022, from 10.3% in August. Double-digit inflation in September 2022 was recorded in 19 of 38 OECD countries, with the highest rates observed in Estonia, Hungary, Latvia, Lithuania and Türkiye (all above 20%).

Inflation excluding food and energy continued to rise in the OECD in September (to 7.6%). Services prices accelerated in most OECD countries. Although energy inflation fell for the third consecutive month, down to 28.8% year-on-year in September 2022 with declines in 22 OECD countries, it remains high. Energy inflation rose in a subset of European economies.

Year-on-year inflation in the G7 rose to 7.7% in September 2022, from 7.5% in August. This rise occurred even though energy price inflation slowed in all G7 countries except Germany. The contribution of inflation excluding food and energy to headline inflation increased in all the G7 countries except France from August to September, with a significant increase in Germany. Food and energy prices inflation continues to be the main contributors to headline inflation in France, Germany, Italy, and Japan.

In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose to 9.9% in September 2022, from 9.1% in August, with all food price inflation, energy price inflation and inflation excluding food and energy increasing in September. Eurostat’s flash estimate for the euro area in October 2022 points to a further increase in year-on-year inflation to 10.7%, reflecting an increase in energy price inflation to 41.9% up from 40.7% in September 2022.

In the G20, year-on-year inflation increased to 9.5% in September 2022, from 9.2% in August. Outside the OECD, year-on-year inflation rose in Argentina, China, India, Indonesia, and Saudi Arabia, but decreased in Brazil and South Africa.

Download the OECD press release as a PDF here, including graphs and detailed tables.

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