Annual inflation in OECD area eases in September

ISTANBUL

The annual inflation rate in the Organization for Economic Cooperation and Development (OECD) area decreased to 6.2% in September from 6.4% in August, the international group said on Tuesday.

The inflation rate dropped in 27 OECD countries in September versus August, while it rose in eight other countries, according to a statement by the OECD.

Double-digit inflation was recorded in Türkiye, Hungary and Colombia in September.

Food inflation in the OECD region slowed for the 10th consecutive month, reading 8.1% in September, going down from 8.8% in August.

"However, food inflation still exceeded 10% in nine OECD countries," it added.

Energy inflation rose over the same period in 22 OECD countries but remained negative in the OECD as a whole.

"Inflation less food and energy (core inflation) moderated slightly to 6.6% from 6.8% in August," it noted.

In the Group of Seven, the annual inflation rate remained broadly stable at 4.1% in September versus 4.2% in August.

In the euro area side, the rate was at 4.3%, down from 5.2%, over the same period.

"In the Group 20, year-on-year inflation declined to 6.1% in September 2023, down from 6.3% in August," it added.