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Inflation rate in OECD area unchanged in October

The OECD says prices rose by 1.7% over the past 12 months across its 34 member countries
The OECD says prices rose by 1.7% over the past 12 months across its 34 member countries

Consumer prices in the OECD area rose by 1.7% over the year to the end of October.

But the Organisation for Economic Co-operation and Development - which includes the EU member states, the US and Japan - said the rate of inflation was unchanged compared to September.

The 1.7% figure for the OECD as a whole masks marked differences between the rate of increase, or decrease, across a  number of categories in individual member states. Food price inflation, for example, is running at an annual rate of 3.3% in the US but just 0.1% in the euro area.

Falling energy prices and in particular the dramatic fall in oil prices since the start of the year, are helping to keep a lid on inflation across the OECD. Energy prices fell 1.6% in the year to October in the US and were down by 2% in the euro area. 

Excluding food and energy inflation was steady at 1.8% in October in the OECD area.