Annual inflation eases to 4.4% in OECD amid weaker energy prices

By Gokhan Ergocun

ISTANBUL (AA) - The average annual inflation rate eased to 4.4% in the Organization for Economic Co-Operation and Development (OECD) area in September.

According to a press release from the organization on Wednesday, the annual inflation declined from 4.7% in August thanks to decreasing energy prices.

OECD energy inflation remained negative, falling to minus 2.2% in September year-on-year from minus 0.4% in August.

Energy inflation declined in 34 OECD countries, 17 of which already saw negative energy inflation in August.

Meanwhile, annual food inflation and core inflation remained broadly stable.

Inflation rates declined in 27 of 38 OECD countries, rose in six, and were stable or broadly stable in five.

"Despite the recent slowdown in OECD headline inflation, average price levels across the OECD as a whole were approximately 30% higher in September 2024 than they were in December 2019, prior to the onset of the COVID pandemic," the organization said.

In the G7, year-on-year inflation slowed to 2.2% in September from 2.4% in August, while declined to 1.7% in September from 2.2% in August in the euro area, dipping below 2% for the first time since June 2021.

"In the G20, year-on-year inflation slowed to 6.0% in September from 6.2% in August," it added.