OECD area annual inflation up to 10.3% in August

Energy prices rose 30.2% year-on-year in August in OECD region

By Gokhan Ergocun

ISTANBUL (AA) – Annual consumer inflation in the Organization for Economic Cooperation and Development (OECD) area was at 10.3% in August, up from 10.2% in July, it announced on Tuesday.

After the first decline in annual inflation in July versus June since November 2020, the rate rose again in August.

"15 OECD countries continued to record double-digit inflation in August 2022, with the highest rates observed in Estonia, Latvia, Lithuania and Türkiye (all above 20%)," the OECD said, including the three small Baltic nations bordering Russia amid its war on Ukraine.

Energy prices in the OECD area rose to 30.2% year-on-year in August 2022, down from an annual jump of 35.3% in July.

"By contrast, both food price inflation and inflation excluding food and energy kept rising in the OECD in August 2022," it added.

The rate was at 7.5% for G7 countries, 9.2% for G20 countries, and 9.1% for the euro area in August.

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