YEAR-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) rose to 10.7% in October 2022, from 10.5% in September (Figure 1). Similarly to the previous month, double-digit inflation was recorded in 18 out of 38 OECD countries, with the highest rates observed in Estonia, Hungary, Latvia, Lithuania and Türkiye (all above 20%).

Food inflation continued to rise in the OECD in October (to 16.1%, from 15.3% in September), reaching its highest rate since May 1974, with rises in 33 of 38 OECD countries. Energy inflation continued to fall in the OECD as a whole (to 28.1%, from 28.8%). Nevertheless, it remained above 10% in 35 OECD countries, and above 30% in 13 of them. Excluding food and energy, year-on-year inflation in the OECD was stable, at 7.6% in October.

Year-on-year inflation in the G7 rose slightly to 7.8% in October, from 7.7% in September.Among G7 economies,inflation continued to decrease in the United States, while it was stable in Canada and increased in the remaining countries. The greatest increase (by 3.0 percentage points) was recorded in Italy, reflecting a very strong rise in energy inflation. Food and energy inflation continued to be the main contributors to headline inflation in France, Germany, Italy and Japan, while inflation excluding food and energy was the main driver of inflation in Canada, the United Kingdom and the United States (Figure 2).

In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose to 10.6% in October, from 9.9% in September, with food price inflation, energy price inflation and inflation excluding food and energy all increasing in October. Eurostat’s flash estimate for the euro area in November 2022 points to a decrease in year-on-year inflation to 10.0%, with energy price inflation estimated to have fallen to 34.9% from 41.5% in October, while inflation excluding food and energy is estimated to have been stable (at 5.0%).

In the G20, year-on-year inflation was stable at 9.5% in October. Outside the OECD, year-on-year inflation rose in Argentina, but decreased in China, Brazil, India and Indonesia, while remaining broadly stable in Saudi Arabia and South Africa.