Inflation gained a little momentum in September, according to the latest data from the Organization for Economic Co-operation and Development.
The OECD said Wednesday that consumer prices in the OECD area rose at a 3.3% annual rate in September, up from 3.2% in the year to August, which is the highest rate since October 2008. Excluding food and energy, the annual inflation rate rose by 1.9% in September, compared with 1.8% in August, the highest rate for that core measure since April 2009.
Energy prices rose by 14.2% in the year to September, the OECD says, up from 13.5% in August. However, this acceleration in energy prices was partly offset by slower rise in food price, which were rising at a 4.2% annual rate in September, down from 4.6% in August.
The UK saw one of the biggest jumps, with the annual inflation rate there surging to 5.2% in September, up from 4.5% in August, mainly driven by an acceleration in energy prices (to 18.1% in September, up from 12.3% in August). Its annual inflation rate is back to the peak recorded in September 2008, the OECD says.
Elsewhere, more modest rises are evident. Canada saw annual inflation tick up to 3.2% from 3.1%. And rates also increased in the US, Germany and Italy. The rate was unchanged in France, and declined in Japan, from 0.2% to 0%.
Overall, inflation for the Euro area accelerated to 3.0% in September, up from 2.5% in August, the highest rate since October 2008.
On a month over month basis, consumer prices in the OECD area rose by 0.2% in September. Again, the UK led the way with a 0.7% increase. Prices rose 0.2% in Canada and the US, 0.1% in Germany, were stable in Italy and Japan, but decreased by 0.1% in France, the OECD says.
Emerging markets were a mixed bag, with annual inflation rising in Brazil and South Africa, but declining in Russia, China and Indonesia.