Inflation in the OECD area rose further to 4.6% in September 2021 driven by energy and food prices
Inflation in the OECD area rose further to 4.6% in the 12 months to September 2021, compared with 4.3% in August 2021 and just 1.3% in September 2020. In the euro area, annual inflation picked up markedly to 3.4% in September, from 3.0% in August and minus 0.3% a year earlier. However, it remained lower than in the OECD area as a whole particularly compared with the United States where annual inflation edged up from 5.3% in August to 5.4% in September.
Over the year, energy prices soared by 18.9% in the OECD area, nearly a percentage point higher than in August and the highest rate since September 2008. Food price inflation in the OECD area also increased to 4.5%, compared with 3.5% in August. Excluding food and energy, OECD annual inflation rose slightly to 3.2% – the highest rate since April 2002 – after three months of stability at 3.1%.