OECD annual inflation rate rises


Annual inflation in Organisation for Economic Co-operation and Development (OECD) member countries rose by 2 per cent in the year to August 2012, according to new figures published today.

This compares to a rate of 1.9 per cent in the OECD area in the 12 months to the end of July.

The OECD attributed higher energy prices to the increase in inflation, the first increase since August 2011.

“Energy price inflation accelerated sharply to 3.5 per cent in August, up from 0.7 per cent in July, while food price inflation slowed to 2.1 per cent in August, compared with 2.3 per cent in July,” it said in a statement.

Consumer prices in the OECD area rose by 0.4 per cent in August 2012, the figures show.

There are currently 34 members of the OECD, including Ireland.