Wealthy nations’ inflation up on rising energy and food prices

A sharp increase in energy prices and rising food prices conspired to push up inflation in world richest nations, statistics released today.

Numbers crunched by Organisation for Economic Cooperation and Development (OECD) today showed that annual inflation in the 36 countries who are members of the body nudged up to 2.3 percent in September 2017, compared with 2.2 percent in August 2017.

Energy prices had the biggest increase at 7.7 percent, compared with 5.9 percent in August. .

“Food prices increased marginally by 1.9 percent compared with 1.8 percent in August,” said OECD in a press release.

Data showed that inflation was stable at 1.8 percent for the fifth consecutive month when food and energy were excluded.

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