OECD inflation rate soars to 10.7% YoY in October 2022


In October 2022, the inflation rate in Organisation for Economic Co-operation and Development (OECD), as measured by Consumer Price Index (CPI), increased to 10.7 per cent year-on-year (YoY), from 10.5 per cent in September 2022. Eighteen out of 38 countries in OECD recorded double-digit inflation rate in October, similar to the previous month.

The highest inflation rates in OECD were observed win Estonia, Hungary, Latvia, Lithuania and Turkiye (all above 20 per cent).

In October 2022, the inflation rate in Organisation for Economic Co-operation and Development (OECD), as measured by Consumer Price Index (CPI), increased to 10.7 per cent year-on-year (YoY), from 10.5 per cent in September 2022. Eighteen out of 38 countries in OECD recorded double-digit inflation rate in October, similar to the previous month.

Energy inflation continued to fall in the OECD as a whole (to 28.1 per cent, from 28.8 per cent). It remained above 10 per cent in 35 OECD countries, and above 30 per cent in 13 of them. Excluding food and energy, year-on-year inflation in the OECD was stable, at 7.6 per cent in October.

Year-on-year inflation in the G7 rose slightly to 7.8 per cent in October, from 7.7 per cent in September. Among G7 economies, inflation continued to decrease in the US, while it was stable in Canada and increased in the remaining countries. The greatest increase (by 3 percentage points) was recorded in Italy, reflecting a very strong rise in energy inflation. Energy inflation continued to be the main contributor to headline inflation in France, Germany, Italy, and Japan, while inflation excluding food and energy was the main driver of inflation in Canada, the UK, and the US.

In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose to 10.6 per cent in October 2022, from 9.9 per cent in September 2022, with energy price inflation and inflation excluding food and energy increasing in October. Eurostat’s flash estimate for the euro area in November 2022 points to a decrease in year-on-year inflation to 10 per cent, with energy price inflation estimated to have fallen to 34.9 per cent from 41.5 per cent in October, while inflation excluding food and energy is estimated to have been stable at 5 per cent.

In the G20, year-on-year inflation was stable at 9.5 per cent in October 2022. Outside the OECD, year-on-year inflation rose in Argentina, but decreased in China, Brazil, India, and Indonesia, while remaining broadly stable in Saudi Arabia and South Africa.

Fibre2Fashion News Desk (DP)



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