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OECD Annual Inflation Stable At 1.2% In August 2020

Annual inflation in the OECD area overall was stable at 1.2% in August 2020. Energy prices continued to fall in August (minus 7.1%), but at a slower pace than in July (minus 8.4%), while food price inflation picked up slightly to 3.9%, compared with 3.8% in July. OECD annual inflation excluding food and energy decreased slightly, to 1.6% in August 2020, compared with 1.7% in July.

By contrast, inflation in the Euro area (as measured by the HICP ) fell sharply to (minus) 0.2%, from 0.4% in July, the first negative rate since May 2016. Excluding food and energy, annual inflation also dropped sharply to 0.4%, compared with 1.2% in July (see below for additional explanations).

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See the data and charts in Excel.

Graph 1 - Consumer prices, selected areas
August 2020, percentage change on the same period of the previous year, %

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