Inflation rising due to higher energy prices – OECD

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Photo – James Davies

The OECD said on Tuesday that many advanced economies are facing a rise in annual inflation due to higher energy prices, with some hitting 2% in August from 1.9% in July.

“Energy price inflation accelerated sharply to 3.5% in August, up from 0.7% in July, while food price inflation slowed to 2.1% in August, compared with 2.3% in July,” the Organisation for Economic Cooperation and Development said in a statement.

According to the data compiled by the 34-member OECD,the annual inflation rate, which did not include food and energy, slowed to 1.6% in August compared with 1.8% in July.

Germany witnessed a 2.1% rise in inflation in August from 1.7% in July, while in the US it advanced to 1.7% from 1.4 percent.

In Japan, however, consumer prices dipped 0.4% in August.

Outside the OECD area, annual inflation accelerated in India to 10.3% in August from 9.8% in July.

Russia is suffering from 5.9% inflation. China recorded a rise of 0.2% in August to hit 2% from 1.8 percent, the organisation said.

Annual inflation was stable in Brazil from July to August at 5.2% and Indonesia at 4.6%.

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