Annual inflation in OECD area slows to 4.7% in August

By Gokhan Ergocun

ADANA, Türkiye (AA) - The annual inflation rate was at 4.7% in August in the region of the Organization for Economic Co-Operation and Development (OECD), decreasing from 5.4% in July.

"The fall was driven to a large extent by a decline of about 10 percentage points in Türkiye inflation, which nevertheless still remained above 50%," the OECD said in a press release on Thursday.

The organization stated that 24 of 38 OECD countries posted declines in inflation.

"Inflation rose in nine OECD countries and was stable or broadly stable in five," it added.

Energy inflation dropped significantly in August to minus 0.1%, from 3.3% in July.

In the G7, year-on-year inflation eased to 2.4% in August from 2.7% in July, stemmed from weaker energy prices.

In the euro area, yearly inflation declined to 2.2% in August from 2.6% in July, and in the G20, annual inflation fell to 6.3% in August from 6.8% in July.