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OECD October inflation edges up to 10.7%

Accelerating food prices drove up headline year-on-year inflation in OECD countries in October 2022, as measured by the Consumer Prices Index (CPI), reaching 10.7%. This compares to 10.5% in September and 10.3% in August (and 5.2% in October 2021). Of 38 OECD countries, 18 recorded inflation in double digits.

Food price inflation in October continued rising, reaching 16.1% (vs. 15.3% in September) – its highest rates since May 1974. Having peaked at 40.7% in June, energy inflation continued to ease, falling to 28.1% from 28.8% in September. Excluding food and energy, CPI was stable at 7.6% (vs. 3.6% in October 2021).

Türkiye, Lithuania and Estonia recorded the highest inflation rates in the OECD (85.5%, 23.6% and 22.5%, respectively), while Switzerland, Japan and Israel recorded the lowest (3.0%, 3.7% and 5.1%, respectively).

> See the CPI update in full

 

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