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Annual inflation rises to 6.4% in OECD area

03.10.23 19:00

The annual inflation rate rose to 6.4% in August in the Organization for the Economic Cooperation and Development (OECD) region, up from 5.9% in July, as the year-on-year decline in energy prices slowed, the international group said on Tuesday.

The annual inflation increased in 14 OECD countries in August, while nine of them recorded rises of 0.5 percentage points or more, including Türkiye, which saw an increase of around 10 percentage points, according to the OECD.

Energy inflation was negative year-on-year in 22 of 38 OECD countries in total, while food inflation continued to decline but at a slower pace than in previous months, staying at 8.8% in August after 9.2% in July.

"Inflation less food and energy (core inflation) was broadly stable, at 6.8% in August," the OECD added.

The annual inflation rate was at 4.2% in the Group of Seven in August after 3.9% in July; 5.2% in the euro area after 5.3%; and 6.3% in the Group of 20 after 5.8%, the organization said.