Consumer prices in OECD area soar 10.5% year-on-year in September, highest since May 1998
Annual consumer inflation in the Organization for Economic Cooperation and Development (OECD) area rose to 10.5% in September, the highest in more than 34 years.
The figure was up from 10.3% in August, reaching its highest level since May 1988, according to a statement released by the Paris-based organization on Thursday.
Half of the OECD countries posted double-digit inflation rates in September, with the highest rates seen in Estonia, Hungary, Latvia, Lithuania and Turkiye (all above 20%).
The annual core inflation excluding food and energy also continued rising in the month to hit 7.6%.
Although the energy price hike slowed down for the third month in a row to 28.8% year-on-year in September, it remained at elevated levels.
Consumer prices in G-7 rose 7.7% on an annual basis in September, up from 7.5% in August even though energy price inflation slowed in all G-7 countries except for Germany.
Food and energy prices inflation continued to be the main contributors to headline inflation in France, Germany, Italy and Japan.
In the euro area, annual consumer inflation hit 9.9% in September, up from 9.1% in August with surging food and energy costs.
According to a flash estimate from Eurostat,the eurozone annual consumer inflation further increased to 10.7% in October, mainly due to higher costs of energy.
In the G-20, year-on-year inflation increased to 9.5% in September, from 9.2% in the previous month.
Outside the OECD, year-on-year inflation rose in Argentina, China, India, Indonesia and Saudi Arabia, but decreased in Brazil and South Africa.