Year-on-year inflation in the OECD, as measured by the Consumer Price Index (CPI), rose to 4.3% in August 2026, up from 4.1% in July (Table 1, Figures 1 and 2). Headline inflation increased in 23 OECD countries, remained stable or broadly stable in 12, and declined in only 3. Inflation remained well above the OECD average, at over 5.0%, in Colombia, Iceland, and Lithuania, and exceeded 30% in Türkiye.
Year-on-year energy inflation across the OECD rose sharply to 13.6% in August, 2.0 percentage points (p.p.) higher than in July, with increases recorded in 28 of the 37 OECD countries for which data were available. In Australia, Belgium, Denmark, Italy, Spain and Türkiye, the increases exceeded 5.0 p.p. By contrast, energy inflation declined in nine countries. Meanwhile, OECD food inflation fell to 2.8%, down from 3.2% in July, reaching its lowest level since July 2021. Core inflation (inflation less food and energy) remained stable at 3.6% for the third consecutive month.
In the G7, year-on-year headline inflation remained broadly stable at 3.1% in August, compared with 3.0% in July, as higher energy inflation was partly offset by easing food inflation. Energy inflation in the G7 rose by 1.8 p.p. to 14.0%, with double-digit rates recorded in all G7 countries except Japan, where energy prices declined year-on-year due to government subsidies. By contrast, food inflation declined by 0.4 p.p. to 1.9%, its lowest level since October 2024, with declines recorded in all G7 countries except France and the United Kingdom. Core inflation remained stable. Energy inflation drove the increase in headline inflation in Italy, France and the United Kingdom. In the other G7 countries, a declining contribution from food inflation helped keep headline inflation relatively stable between July and August (Figures 3 and 4).
In the euro area, year-on-year headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP) rose to 3.2% in August, up from 3.0% in July, as energy inflation jumped to 14.3%, its highest level since January 2023. By contrast, food and core inflation remained broadly stable. Eurostat’s flash estimate for September 2026 points to a large additional rise in year-on-year headline inflation in the euro area, up 0.6 p.p. to 3.8% - its highest level since September 2023. Energy inflation is estimated to have surged to 18.8%, while core inflation remained broadly stable at 2.5%.
In the G20, year-on-year headline inflation rose to 4.1% in August, up from 3.9% in July. Headline inflation rose by 0.4 p.p. in India, reaching 5.0% and by 0.3 p.p. in both China and Indonesia, reaching 0.8% and 3.2%, respectively. It declined in Argentina and Brazil, and remained broadly stable in Saudi Arabia and South Africa (Table 2).
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- Next release: 6 November 2026
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