The annual inflation rate ticked up slightly in October, according to the latest data from the Organization for Economic Co-operation and Development (OECD).
Annual inflation in the OECD area rose by 2.3% in the year to October, the Paris-based group said Tuesday, up from 2.2% in September. Excluding food and energy, the OECD annual inflation rate slightly increased to 1.7% in October.
Overall, energy prices accelerated to 5.4% in October, up from 5.1% in September while food prices remained broadly stable in October, with the annual rate rising to 2.2%, up from 2.1% in September.
Annual inflation remained stable in Canada at 1.2%. But it accelerated sharply in the United Kingdom, to 2.7% in October, up from 2.2% in September, which the OECD reports is due to a significant rise in undergraduate tuition fees. It also accelerated, albeit more moderately, in the United States (to 2.2%, up from 2.0%).
However, in Japan, consumer prices fell by 0.4% in October, compared with a decline of 0.3% in September. And, annual inflation decelerated strongly in Italy, while staying stable in France and Germany.
Outside the OECD area, annual inflation accelerated in India, Indonesia, and Brazil. It was stable in South Africa, but slowed down in China and Russia.
And, on a month-over-month basis, the OECD reports that consumer prices rose by 0.2% in October, mainly driven by an increase of 0.5% in the UK, and an increase of 0.2% in Canada and France. Prices were stable in Germany, Italy, Japan, and the U.S., it adds.