OECD Consumer Prices Dip in August
In what could be a sign of the peaking of the current inflation cycle, consumer prices in the industrialized world fell slightly in August, reflecting lower energy and food prices. On a monthly basis, consumer prices in the OECD decreased by 0.1% in August, compared with a rise of 0.4% in July. They rose by 4.7% in the year to August 2008, compared with 4.8% in year to July 2008, the OECD said.
Consumer prices for energy were up by 20.9% year-on-year in August, as against 22.5% in July and consumer prices for food by 7.1% compared with 7.2% in July. Excluding food and energy, consumer prices rose by 2.3% in the year to August, unchanged from July.
In the euro area, the Harmonised Index of Consumer Prices (HICP) was up by 3.8% in the year to August, compared with 4.1% in the year to July. Month-on-month, the HICP in the euro area decreased by 0.1% between July and August, after a decrease of 0.2% between June and July. Excluding food and energy, the year-on-year rise in the HICP in the euro area amounted to 1.9% in August, compared with 1.7% in July.
In the United States, the Consumer Price Index (CPI) increased by 5.4% over the year to August, compared with 5.6% in the year to July.
In Japan, consumer prices were up by 2.1% year-on-year in August, as against 2.3% in July. Over the year to August, consumer prices rose by 4.7% in the United Kingdom, 4.1% in Italy, 3.5% in Canada, 3.2% in France and 3.1% in Germany.
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