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05/10/2020 - 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 HICP1) 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).
Consumer prices, selected areas
August 2020, percentage change on the same period of the previous year, %
Source: Consumer price indices, OECD
Energy (CPI) and Food (CPI), selected areas
August 2018 - August 2020, percentage change on the same period of the previous year, %
Source: Consumer price indices, OECD
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1. HICP (Harmonised Indices of Consumer Prices) published by Eurostat.
Underlying data:
- OECD, annual inflation
- G20, annual inflation
- OECD countries, contributions to annual CPI inflation by COICOP Division, current month (xlsx)
- OECD countries, contributions to annual CPI inflation, selected components, historical series (xlsx)
