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Inflation · November 7, 2026 · 2 min read

Energy lifts OECD September inflation to 4.5%; core remains broadly stable

By Econ Data Tools Editorial Team

Published November 7, 2026 • Updated November 7, 2026

The OECD's November 6 release puts September energy inflation at 17.4% and core inflation at 3.7%. Country patterns differ, and cumulative post-2019 price increases are not annual inflation rates.

Annual consumer-price inflation across the OECD rose to 4.5% in September 2026 from 4.3% in August, the organisation reported on November 6. Energy inflation accelerated to 17.4% from 13.6% and largely drove the increase in headline inflation. The release describes September prices, not a new November inflation reading. Energy inflation increased in 31 of the 37 OECD countries with data available, declined in four and was stable or broadly stable in two. That count describes the direction of national energy inflation, not the number of countries included in a single uniform household price increase. OECD-wide core inflation, which excludes food and energy, remained broadly stable at 3.7%, while food inflation eased by 0.2 percentage points. The G7 headline rate increased to 3.5% from 3.1%. Higher energy prices accounted for around half or more of the acceleration in France, Germany, Italy, the United Kingdom and the United States. Canada's headline inflation remained broadly stable as lower food inflation largely offset rising energy inflation. Japan's increase was mainly associated with higher core inflation, while its energy inflation remained negative amid subsidies and temporary tax cuts. Euro-area headline inflation, measured by the Harmonised Index of Consumer Prices, rose to 3.8% in September from 3.2% in August. Energy inflation reached 18.9%. The same release cites Eurostat's October flash estimate of 4.0% headline inflation and 20.8% energy inflation. Those October estimates cover a later month and are not interchangeable with the September OECD figures. Average OECD consumer prices were more than 40% above their December 2019 level. Food prices were almost 50% higher and energy prices close to 70% higher. These are cumulative price-level changes over several years, not annual inflation rates. A slower annual inflation rate would still mean prices are rising unless the rate turns negative. The release separates headline, core, food and energy measures and shows different national patterns. It does not establish that wage pressures have disappeared, that a particular central bank will cut rates or that every household experienced the OECD average. The next OECD consumer-price release is scheduled for December 3, 2026.

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