Inflation across OECD falls to 6.2% in September as energy prices fall further

Inflation across the industrialised bloc of Organisation for Economic Co-operation and Development (OECD) countries fell to 6.2 per cent in September, down from 6.4 per cent in August, as global price pressures eased again.

The OECD’s latest barometer indicated inflation fell between August and September in 27 countries while rising in eight, with rises of around or more than one percentage point in Spain, Costa Rica, Slovenia, and Turkey.

Food inflation in the OECD slowed for the 10th consecutive month, reaching 8.1 per cent in September, down from 8.8 per cent in August. However, food inflation still exceeded 10 per cent in nine OECD countries, the organisation said.

Energy inflation increased between August and September in 22 OECD countries but remained negative in the OECD as a whole, it said.

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Euro zone inflation to fall faster than expected, EU says

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In the euro area year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) dropped to 4.3 per cent in September from 5.2 per cent in August. In October Eurostat’s flash estimate points to a further fall in year-on-year inflation in the euro area to 2.9 per cent, its lowest level since July 2021.

Both energy inflation and core inflation in the euro area are estimated to have dropped again in October.

Irish inflation as measured by the consumer price index (CPI) rose unexpectedly to 6.4 per cent in September, up from an annual increase of 6.3 per cent in the 12 months to August. The CPI for October will be published on Thursday.

Headline inflation rates have been falling on the back of declining energy prices.

Attention has, however, switched to stagnating growth, with gross domestic product (GDP) across the euro zone falling by 0.1 per cent between July and September. Ireland experienced the sharpest fall in GDP of any euro zone member at 1.8 per cent.