Annual inflation in the OECD area was stable at 1.3% in September 2020. Energy prices continued to fall in September (minus 6.5%), but at a slower pace than in August (minus 7.0%) while food price inflation slowed to 3.6%, compared with 3.8% in August. OECD annual inflation excluding food and energy picked up slightly to 1.7% in September 2020, compared with 1.6% in August.

Euro area inflation (as measured by the HICP[1]) fell marginally to minus 0.3% in September from minus 0.2% in August. Excluding food and energy, annual inflation also dropped, to 0.2%, the lowest rate since the inception of the series in January 1997, compared with 0.4% in August. Eurostat’s flash estimate points to stability (i.e. minus 0.3% and 0.2%) in both measures in October.

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[1] HICP (Harmonised Indices of Consumer Prices) published by Eurostat.

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