OECD inflation rose to 10.3% in August

MADRID, 4 Oct. (EUROPA PRESS) -

The inflation rate of the Organization for Economic Cooperation and Development (OECD) stood at 10.3% year-on-year last August, one tenth above the increase observed in July, according to the 'think tank' of advanced economies.

The OECD has highlighted that between July and August 2022, the inflation rate decreased in 16 of the 38 member countries, mainly due to less intense increases in energy prices. However, 15 OECD countries continued to report double-digit inflation in August 2022, with the highest rates seen in Estonia, Latvia, Lithuania and Turkey.

In general, the cost of energy in the OECD increased in August by 30.2% year-on-year, which represents a slowdown of 5.2 percentage points compared to last month. On the contrary, food prices advanced half a point, up to 15%.

In this way, core inflation, which is the result of discounting the variations in food and energy prices due to their greater volatility, rose by four tenths, to 7.2%.

The year-on-year inflation figure for the G7 in the eighth month of the year fell by one tenth, to 7.5%, while in the euro zone it rose by two tenths, to 9.1%. In the G20 as a whole, it remained stable for the third consecutive month at 9.2%.

The OECD country with the highest inflation was Turkey, with 80.2% (six tenths more), followed by Estonia, with 24.8% (almost two points more), and Lithuania, with 22.4% (eight tenths more).

On the contrary, the lowest inflation rates were found in Japan, with 3% (four tenths more), Switzerland, with 3.5% (one tenth more); and Israel, with 4.6% (six tenths less).