OECD inflation rose to 4.3% in August 2026 as energy inflation reached 13.6%
OECD inflation increased to 4.3% year on year in August 2026, up from 4.1% in July, according to a statistical release published by the Organisation for Economic Co-operation and Development on 6 October.
The OECD said headline inflation increased in 23 member countries, remained stable or broadly stable in 12 and declined in only three.
Energy inflation accelerated while food inflation eased
Energy inflation across the OECD climbed to 13.6% in August, two percentage points higher than in July. Increases were recorded in 28 of the 37 countries for which energy data were available. Australia, Belgium, Denmark, Italy, Spain and Türkiye each recorded increases of more than five percentage points.
Food inflation moved in the opposite direction, falling from 3.2% in July to 2.8% in August. The OECD said this was the lowest food inflation rate since July 2021. Core inflation, which excludes food and energy, remained unchanged at 3.6% for the third consecutive month.
Among G7 economies, headline inflation was broadly stable at 3.1%, compared with 3.0% in July. Energy inflation in the group reached 14.0%, while food inflation declined to 1.9%.
In the euro area, annual inflation was 3.2% in August, up from 3.0% in July. The OECD also cited Eurostat’s preliminary estimate for September, which points to inflation of 3.8%. That September figure remains a flash estimate rather than final data.
