Year-on-year inflation in the OECD, as measured by the Consumer Price Index (CPI), rose to 4.5% in September 2026, up from 4.3% in August (Table 1, Figures 1 and 2). Energy prices largely drove the acceleration in OECD inflation, with year-on-year energy inflation growing sharply to 17.4% in September, up from 13.6% in August. Energy inflation rose in 31 of the 37 OECD countries with data available, fell in 4, and remained stable or broadly stable in 2. By contrast, OECD food inflation eased slightly, declining by 0.2 percentage points (p.p.), while core inflation (inflation less food and energy) remained broadly stable at 3.7%.
Average prices across the OECD were more than 40% above their December 2019 levels, before the onset of the COVID-19 pandemic. On average, food prices are almost 50% higher than before the pandemic, while energy prices are close to 70% higher (Figure 3).
In the G7, year-on-year headline inflation increased to 3.5% in September, up from 3.1% in August. Headline inflation rose in all G7 countries except Canada, where it remained broadly stable as a nearly 1 p.p. decline in food inflation largely offset the 3.6 p.p. rise in energy inflation. Higher energy prices accounted for around half or more of the increase in headline inflation between August and September in France, Germany, Italy, the United Kingdom and the United States. By contrast, in Japan, headline inflation rose mainly because core inflation increased by 0.5 p.p. to 2.2%. Energy inflation in Japan remained negative due to government subsidies and temporary tax cuts, while food inflation fell to 2.8%, its lowest level since January 2022 (Figures 4 and 5).
In the euro area, year-on-year headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP), increased markedly to 3.8% in September, after 3.2% in August, as energy inflation rose sharply by 4.6 p.p. to 18.9%, while food inflation rose only by 0.2 p.p. and core inflation remained broadly stable. Eurostat’s flash estimate for October 2026 points to a further rise in euro area year-on-year headline inflation, to 4.0%. Energy inflation is estimated to have increased further, to 20.8%, while core inflation remained broadly stable at 2.6%.
In the G20, year-on-year headline inflation rose to 4.3% in September, up from 4.1% in August. Headline inflation rose by 0.6 p.p. in India, reaching 5.6%, its highest level since August 2023. It also increased in Brazil and South Africa, while remaining broadly stable in Argentina, China, Indonesia and Saudi Arabia (Table 2).
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- Next release: 3 December 2026
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