OECD headline inflation drops to 4.7% in Aug 2024 from 5.4% in Jul

06 Oct '24

2 min read

OECD headline inflation drops to 4.7% in Aug 2024 from 5.4% in Jul

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YoY CPI inflation in the OECD nations fell to 4.7 per cent in August from 5.4 per cent in July.
The fall was driven to a large extent by a drop of about 10 pps in Turkiye's inflation, which still remained above 50 per cent.
Drops were also seen in 24 of 38 OECD countries.
Headline inflation stood at or below 2 per cent in 16 countries in August, while only nine had reached that mark in July.

Year-on-year (YoY) consumer price index (CPI)-based inflation in the Organisation for Economic Cooperation and Development (OECD) countries dropped to 4.7 per cent in August this year from 5.4 per cent in July.

The fall was driven to a large extent by a decline of about 10 percentage points in Turkiye’s inflation, which nevertheless still remained above 50 per cent. Declines were also observed in 24 of 38 OECD countries.

Excluding Turkiye, inflation in the OECD area is estimated to have decreased more moderately, to 2.7 per cent in August from 3 per cent in July.

Inflation rose in nine OECD countries and was stable or broadly stable in five.

Headline inflation stood at or below 2 per cent in 16 countries in August, while only nine had reached that mark in July.

YoY core inflation (less food and energy) declined in the OECD area, mainly due to sharp falls in Turkiye. Core inflation only fell in nine OECD countries, while it rose in 10 and was stable or broadly stable in 19.

In the G7, YoY headline inflation eased to 2.4 per cent in August from 2.7 per cent in July, driven by energy prices. Headline inflation fell in all G7 countries except in Japan where it increased, and in the United Kingdom where it remained stable.

Fibre2Fashion News Desk (DS)

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