Inflation in OECD Drops to 2.1% in September
Oct 31, 2006
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Consumer prices rose by 2.1 percent in the year to September 2006 in the OECD area, compared with 3.0 percent in the year to August 2006, according to the latest figures from OECD (Organisation for Economic Co-operation and Development). On a monthly basis, the price level decreased by 0.1 percent between August and September 2006 after a rise by 0.2 percent between July and August 2006.

The drop in inflation rates mainly reflects a lower year-on-year increase of energy prices (0.3 percent in September after a rise by 11.6 percent in August). There was even a 0.1 percent fall in energy prices for the G7 countries in the year to September as against a rise of 12.4 percent in August.

Consumer Prices for food increased by 3.0 percent year-on-year in September compared with 2.7 percent in August. Excluding food and energy, consumer prices rose by 2.2 percent year-on-year in September unchanged from the year to August.

In the euro area, the Harmonized Index of Consumer Prices (HICP) was up by 1.8 percent in the year to September, compared to 2.3 percent in the year to August, while month-on-month the HICP remained unchanged in September compared with August after an increase of 0.1 percent between July and August. Excluding food and energy, the year-on-year rise in the HICP was at 1.5 percent in September compared with 1.4 percent in August.

In the United States, the CPI increased by 2.1 percent over the twelve months to September, after a year-on-year rise by 3.8 percent in August.

In Japan, consumer prices increased by 0.6 percent in September over a year earlier, compared with a year-on-year rise by 0.9 percent in August.

Over the twelve months to August, the national CPI rose by 3.6 percent in the United Kingdom, 2.1 percent in Italy, 1.2 percent in France, 1.0 percent in Germany, and 0.7 percent in Canada.

The total OECD covers the 30 OECD member countries:

The G7 area covers:
  • Canada
  • France
  • Germany
  • Italy
  • Japan
  • United Kingdom
  • United States
The euro area covers:
  • Austria
  • Belgium
  • Finland
  • France
  • Germany
  • Greece
  • Italy
  • Ireland
  • Luxembourg
  • the Netherlands
  • Portugal
  • Spain
The EU15 area covers the euro area plus:
  • Denmark
  • Sweden
  • United Kingdom

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