May 18, 2024

Brighton Journal

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Food inflation hits 48-year low | Latest record for countries that are part of OECD

Food inflation hits 48-year low |  Latest record for countries that are part of OECD

The Food prices hit their highest level in nearly 50 years in October. This is indicated by the Organization for Economic Co-operation and Development (OECD) for inclusive countries. reported From its headquarters in Paris. Food-to-energy dynamics are the main drivers of inflation, which is still at an all-time high.

The Food inflation was overall in the OECD 16.1 percent in October annuallyThat was 0.8 points higher than in September, and marked the highest since May 1974 Total inflation averaged 10.7 The annual percentage in October was slightly higher than the 10.5 in September. Meanwhile, core inflation, which excludes volatile prices of energy and food, was steady at 7.6 percent.

The Energy Another commodity whose value was affected by the war between Russia and Ukraine, however, fell slightly in October to 28.8 for the ninth month of the year. 28.1 percent per annum. However, energy inflation is over 10 percent in 35 countries and over 30 percent in 13 countries.

In October Food price They sped up 33 of the 38 members of the constituency, 18 of them recorded double-digit rates. Topping the list are Turkey (99 per cent), Hungary (42.9) and the three Baltic republics of Lithuania, Latvia and Estonia (30 per cent on average).

In Europe Food inflation was relatively moderate, averaging 15.5 percent. Although the increase in energy prices is 41.5 percent, forecasts November A strong point Moderation of energy values up to 34.9 percent. In the group of developing countries G7 Food prices rose by 12.7 percent and energy prices by 25.3 percent in October.

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Core inflation accelerated in Europe, rising to 10.6 percent in October from 9.9 percent in September. In contrast, the United States maintained a sluggish trend, with prices rising 8 percent in October, up from 8.7 percent in September.

In Argentina

Argentina has been on the list of six countries seeking to join the OECD since negotiations began in January this year. Brazil, Bulgaria, Croatia, Peru and Romania are also on the list. If it is adhered to, it will lead to today’s inflation ranking Turkey leads the way with inflation at 85.5 percent. The three Baltics (their inflation averages 22 percent per year), Hungary (21), Poland (18), and the Czech Republic (15 percent) are next.

Countries with the lowest inflation in the group are Switzerland (3 percent), Japan (3.7), Israel (5.1) and South Korea (5.7), which are least affected by the energy crisis.