OECD-equivalent inflation rose to 6.4% in August, compared to 5.9% in July, it announced in the third week.

A statement submitted to the Organization for Economic Co-operation and Development (OECD) stated that inflation increased between July and August in 14 countries, with nine countries recording increases of 0.5 percentage points or more, including a recent increase of almost 10 percentage points in Turkey. .

Similar decisions between energy prices observed in recent months in OECD countries opened in August show that the organization estimates that energy inflation increased between July and August in 25 OECD countries, and remained negative in 11 of the 25 countries.

Canada, France, Korea and Turkey have recorded increases of 10 percent or more, which has had a positive impact on energy inflation in these countries.

However, the OECD highlights that energy inflation is still negative in 22 and 38 OECD countries.

Food product inflation continued to decline, but more slowly than in previous months, reaching 8.8% in August, compared to 9.2% in July.

With regard to underlying inflation, excluding food and energy products, the OECD confirmed that inflation remained stable globally, at 6.8% in August.

G7 inflation rose to 4.2% in August, compared to 3.9% in July, the first increase since October 2022.

In Canada, France and the United States, inflation increased by 0.5 percentage points, but energy inflation recorded a sharp increase.

On the other hand, global inflation in August continued to rise in Italy, reaching its lowest level since January 2022 and remaining stable globally in Germany, Japan and the UK.

G7 animal feed inflation continues to decline, with declines across all G7 countries, while underlying inflation continues to post moderate declines.

Non-food and non-energy products will continue to be the main contributor to global inflation across the G7 countries in August.

In the eurozone, inflation as measured by the Harmonized Index of Non-Consumer Prices (IHPC) remained stable globally at 5.2% in August 2023, compared to 5.3% in July.

A recovery in the two energy products between July and August in the Eurozone will compensate for food product inflation and a slight decline in underlying inflation.

Eurostat’s provisional forecast for September 2023 shows a similar inflation rate in the Eurozone of 4.3%, the lowest level since October 2021.

The OECD reported that it expects energy inflation and base inflation to decline in September and inflation to decline sharply in September in Germany, reflecting the base effect of reducing policy support in September 2022.

In the G20, inflation similarly increased to 6.3% in August, versus 5.8% in July.

Global inflation increased in Argentina, not Brazil and India, remained stable in South Africa and decreased in India and Saudi Arabia.

In China, inflation rose to slightly above zero in August, following a decision taken earlier.