Inflation hit 4.6% across OECD nations in 2021 due to food and energy price hikes
Inflation in the OECD area rose further to 4.6% in the 12 months to September 2021, compared with 4.3% in August 2021 and just 1.3% in September 2020.
In the euro area, annual inflation picked up markedly to 3.4% in September, from 3.0% in August and minus 0.3% a year earlier.
However, it remained lower than in the OECD area as a whole particularly compared with the United States where annual inflation edged up from 5.3% in August to 5.4% in September.
Over the year, energy prices soared by 18.9% in the OECD area, nearly a percentage point higher than in August and the highest rate since September 2008.
Food price inflation in the OECD area also increased to 4.5%, compared with 3.5% in August. Excluding food and energy, OECD annual inflation rose slightly to 3.2% – the highest rate since April 2002 – after three months of stability at 3.1%.
The Paris-based Organisation for Economic Co-operation and Development (OECD) is an international organisation that promotes policies to improve the economic and social well-being of people worldwide. It provides a forum in which governments can work together to share experiences and seek solutions to the economic, social and governance challenges they face.
The OECD’s 38 members are: Austria, Australia, Belgium, Canada, Chile, Colombia, Costa Rica, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Latvia, Lithuania, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States.
