4 Oct 2022 - Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) was broadly stable in August 2022, reaching 10.3%, after 10.2% in July and 10.3% in June (Figure 1). Between July and August 2022, headline inflation decreased in 16 of 38 OECD countries mainly driven by slower increases in energy prices. However, 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%).
Energy price inflation in the OECD fell to 30.2% year-on-year in August 2022,down from 35.3% in July 2022, with declines in more than 60% of OECD countries. By contrast, both food price inflation and inflation excluding food and energy kept rising in the OECD in August 2022.
Year-on-year inflation was also broadly constant in the G7 countries reaching 7.5% in August 2022. Headline inflation declined in Canada, France, the United Kingdom and the United States, driven by a slowdown in energy prices, while it rose in Germany, Italy and Japan. Inflation excluding food and energy was the main contributor to headline inflation in Canada, the United Kingdom and the United States, while the combined contribution of food and energy prices drove 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 9.1% in August 2022, from 8.9% in July 2022, as the rise in food price inflation and in inflation excluding food and energy more than compensated for the deceleration in energy prices. Eurostat’s flash estimate for the euro area in September 2022 points to a further increase in year-on-year inflation (to 10.0%), with inflation excluding food and energy estimated to have increased to 4.8% up from 4.3% in August 2022 and energy price inflation to 40.8% up from 38.6% in August 2022.
In the G20, year-on-year inflation remained stable in August 2022, at 9.2% for the third consecutive month. Outside the OECD, year-on-year inflation rose in Argentina, India and Saudi Arabia, but decreased in Brazil, China, Indonesia and South Africa.
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1. See the OECDStatistical Insights released on 26 April for more details: Why is inflation so high now in the largest OECD economies? A statistical analysis