OECD: higher energy prices boosting inflation

Higher energy prices forced annual inflation in advanced economies to rise to 2.0 percent in August from 1.9 percent in July, the OECD said Tuesday. "Energy price inflation accelerated sharply to 3.5 percent in August, up from 0.7 percent in July, while food price inflation slowed to 2.1 percent in August, compared with 2.3 percent in July," said the Organisation for Economic Cooperation and Development in a statement. Excluding food and energy, the annual inflation rate slowed to 1.6 percent in August compared with 1.8 percent in July, according to the data for the 34-member OECD. By individual countries, inflation gained pace in Germany, reaching 2.1 percent in August from 1.7 percent in July, while in the United States it advanced to 1.7 percent from 1.4 percent. In Japan, however, consumer prices dipped 0.4 percent in August. Outside the OECD area, annual inflation accelerated in India to 10.3 percent in August from 9.8 percent in July. Inflation also rose in Russia to 5.9 percent from 5.6 percent and in China to 2.0 percent from 1.8 percent, the organisation said.Annual inflation was stable in Brazil from July to August at 5.2 percent and Indonesia at 4.6 percent.