By Daniel Hunter
Consumer prices in the OECD (Organisation for Economic Co-operation and Development) area rose by 1.5% in the year to September 2013 compared with 1.7% in the year to August 2013. This slowdown in the annual rate of inflation was mainly driven by lower food and energy prices.
Energy prices were flat in the year to September compared with an increase of 1.7% in the year to August. Food price inflation decreased slightly to 1.9% in the year to September, compared with 2.1% in August. Excluding food and energy, the OECD annual inflation rate was stable at 1.6% in September.
Annual inflation slowed in the United States (to 1.2% in September, down from 1.5% in August), Italy (to 0.9%, down from 1.2%) and Germany (to 1.4%, down from 1.5%). It remained stable in Canada at 1.1%, France at 0.9%, and the United Kingdom at 2.7%. In contrast, annual inflation increased in Japan (to 1.1%, up from 0.9%).
Euro area annual inflation (as measured by the HICP) slowed to 1.1% in September, compared with 1.3% in August.
Annual inflation in the G20 area[1] was 2.9% in the year to September 2013, down from 3.0% in the year to August 2013. However, the G20 CPI aggregate reflects diverging patterns among the world's largest economies.[2] In addition to the changes in inflation in the G20 economies already mentioned above, annual inflation slowed in Indonesia (to 8.4% in September, down from 8.8% in August), the Russian Federation (to 6.1%, down from 6.5%), South Africa (to 6.1%, down from 6.4%), and Brazil (to 5.9%, down from 6.1%). It was stable in India at 10.7% while it picked up in China (to 3.1%, up from 2.6%).
Compared with the previous month, consumer prices in the OECD area rose by 0.2% in September 2013. They rose by 0.4% the United Kingdom, 0.3% in Japan, 0.2% in Canada and 0.1% in the United States while they fell by 0.3% in Italy and 0.2% in France. In Germany, prices were stable.
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