In the OECD, inflation slowed significantly in August

By: Trademagazin Date: 2024. 10. 03. 12:05

Inflation in the countries belonging to the Organization for Economic Co-operation and Development (OECD) slowed down significantly in August in an annual comparison, mainly due to the strong moderation of price increases in Turkey.

According to data published on the website of the Paris-based organization, the rate of consumer price growth slowed to 4.7 percent in August compared to 5.4 percent in the previous month. This is primarily a consequence of the fact that inflation in Turkey has decreased by nearly 10 percentage points, although the price increase in the country still exceeds 50 percent, the organization said.

A slowdown in inflation was registered in 24 out of 38 countries in August. OECD consumer prices excluding Turkey increased by 2.7 percent in August after 3 percent in the previous month.

In the OECD, energy prices decreased by 0.1 percent compared to last August, after a 3.3 percent increase was recorded in July. The increase in food prices slowed to 3.7 percent after the 4.3 percent increase in July.

August core inflation excluding food and energy costs was 5.2 percent, compared to 5.5 percent in July.

Inflation in the G7 countries decreased to 2.4 percent in August from 2.7 percent in July, and in the G20 countries to 6.3 percent from 6.8 percent.
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