OECD annual inflation eases to 2-year low in October

By Tuba Ongun

Annual consumer inflation in the Organization for Economic Cooperation and Development (OECD) area eased to a two-year low in October, the international group revealed on Tuesday.

Consumer prices increased by 5.6% year-on-year in October, the slowest pace since October 2021, the Paris-based organization said in a statement.

The figure slowed from a 6.2% hike in September, the OECD data showed.

Some 28 of 38 OECD countries registered a decline in the headline inflation, while it increased by one percentage point or more in Greece, the Czech Republic, and Costa Rica.

Energy prices dropped 4.8% from a year ago in October, accelerating from a 0.5% decline in September.

Food inflation in the OECD area cooled sharply to 7.4% in October from 8.1% in September.

Annual inflation in the Group of 20 slowed to 5.7% in October from 6.1% in the prior month and it fell to 3.4% in the Group of Seven, the lowest level since April.

Eurozone's inflation as measured by the harmonized index of consumer prices fell to 2.9% in October from 4.3% in September, with declines in food, energy, and core inflation.