Annual inflation in the OECD fell to 5.6% in October, down from 6.2% in September and a lowest since October 2021, although a similar rate of 5.7% was recorded in June 2023, the Tuesday.
In a statement released this Tuesday, the Organization for Economic Cooperation and Development (OECD) highlights that between September and October, falls in inflation were recorded in 28 countries of the organization, but that on the other hand, inflation increased one percentage point or more. in Greece, Czechia and Costa Rica.
In Portugal, annual inflation fell from 3.6% in September to 2.1% in October.
Inflation rates approached zero in Denmark, turned negative in the Netherlands, and remained negative in Costa Rica, despite the recorded increase.
Food inflation in the OECD continued to slow rapidly, reaching 7.4% in October, compared to 8.1% in September.
Inflation decreased in 32 OECD countries, but still exceeded 10% in Turkey, Iceland, Colombia and the United Kingdom.
In Portugal, annual inflation of food products increased from 6.4% in September to 4.4% in October.
OECD energy inflation was negative in October, says the OECD, adding that it fell most sharply in Italy, the United Kingdom and Ireland, largely due to the sharp rise in the energy consumer price index in October 2022 (i.e. base effect). In Portugal, energy inflation fell to -12.1% in October, compared to -4.1% in September.
Core inflation (inflation less food and energy) remained practically stable at 6.5% in October 2023, after having fallen in Portugal from 4.1% in September to 3.5% in October.
In the G7, annual inflation decreased to 3.4% in October, compared to 4.1% in September, a low since April 2021.
The OECD also states that inflation has fallen in all G7 countries except Japan, and that Italy recorded the lowest annual inflation rate among G7 countries, falling from 5.3% in September to 1.7% in October.
Non-food and non-energy products were the main contributors to global inflation in most G7 countries in October.
Food inflation and core inflation continued their downward trend, and energy prices began to fall again in October, after rising in September.
In the euro area, annual inflation measured by the Harmonized Index of Consumer Prices (HICP) fell to 2.9% in October, down from 4.3% in September, with falls in prices for food, energy and underlying inflation.
In Portugal, annual inflation measured by the Harmonized Index of Consumer Prices (HIPC) fell from 4.8% in September to 3.2% in October.
In November, Eurostat’s provisional estimate points to a further drop in annual inflation to 2.4%, while core inflation and energy inflation will continue to fall.
In the G20, annual inflation fell from 6.1% in September to 5.7% in October, with declines in Brazil and India, but increases in Argentina, South Africa and Indonesia.
The OECD also says that inflation has returned to being slightly negative in China, after being briefly negative in June 2023, and has remained broadly stable in Saudi Arabia.
Source: TSF
