3 Nov 2022 - Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) rose to 10.5% in September 2022, from 10.3% in August (Figure 1). Double-digit inflation in September 2022 was recorded in 19 of 38 OECD countries, with the highest rates observed in Estonia, Hungary, Latvia, Lithuania and Türkiye (all above 20%).
Inflation excluding food and energy continued to rise in the OECD in September (to 7.6%). In particular, services prices accelerated in a majority of OECD countries. Although energy inflation fell somewhat for the third consecutive month, down to 28.8% year-on-year in September 2022 with declines in 22 OECD countries, it remains high. Energy inflation rose substantially in a subset of European economies.
Year-on-year inflation in the G7 rose to 7.7% in September 2022, from 7.5% in August. This rise occurred even though energy price inflation slowed in all G7 countries except Germany. The contribution of inflation excluding food and energy to headline inflation increased in all the G7 countries except France from August to September, with a significant increase in Germany. Food and energy prices inflation continues to be the main contributors to headline inflation in France, Germany, Italy and Japan (Figure 2).
In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose to 9.9% in September 2022, from 9.1% in August, with all food price inflation, energy price inflation and inflation excluding food and energy increasing in September. Eurostat’s flash estimate for the euro area in October 2022 points to a further increase in year-on-year inflation to 10.7%, reflecting essentially an increase in energy price inflation to 41.9% up from 40.7% in September 2022.
In the G20, year-on-year inflation increased to 9.5% in September 2022, from 9.2% in August. Outside the OECD, year-on-year inflation rose in Argentina, China, India, Indonesia and Saudi Arabia, but decreased in Brazil and South Africa.
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1. See the OECD Statistical Insights released on 26 April for more details: Why is inflation so high now in the largest OECD economies? A statistical analysis