October sees OECD annual inflation decline to a two-year low

Consumer price increases are 5.6% slower than a year ago in October 2021.

The Organization for Economic Cooperation and Development (OECD) region’s annual consumer inflation decreased to a two-year low in October, the international organization said on Tuesday.

According to a statement from the Paris-based group, consumer prices rose by 5.6% year over year in October, which was the slowest rate of increase since October 2021.

The OECD report indicated that the figure decreased from a 6.2% increase in September.

The headline inflation rate decreased in about 28 out of 38 OECD nations, but it increased by at least one percentage point in Greece, the Czech Republic, and Costa Rica.

Following a 0.5% decrease in September, energy prices fell 4.8% from a year ago in October.

In October, food inflation in the OECD region dropped significantly from 8.1% in September to 7.4%.

Annual inflation in the Group of 20 slowed to 5.7% in October from 6.1% in the prior month and it fell to 3.4% in the Group of Seven, the lowest level since April.

The harmonized index of consumer prices for the eurozone showed falls in core, food, and energy inflation, resulting in a drop in inflation to 2.9% in October from 4.3% in September.