OECD annual inflation continues upward, reaching 4.3% in August 2021 driven by energy and food prices
Inflation in the OECD area rose to 4.3% in the 12 months to August 2021, compared with 4.2% in July, continuing the upward trend beginning in December 2020. In the euro area, annual inflation picked up strongly to 3.0% in August 2021, from 2.2% in July, but remained lower than in the OECD area as a whole, particularly compared with the United States, where annual inflation stood at 5.3% for the same period.
Energy prices in the OECD area rose at a faster pace in August (18.0%) than in July (17.4%) reaching the highest rate since September 2008. Food price inflation also increased sharply to 3.6%, compared with 3.1% in July. Excluding food and energy, OECD annual inflation remained stable at 3.1% for the third consecutive month.