OECD inflation rate rises to 2.8 percent in August

Inflation in the Organization for Economic Cooperation and Development (OECD) rose to 2.8 percent in August from 2.6 percent in July, the organization announced Tuesday.

The Paris-based OECD said that the rise was mainly due to surging energy prices, which increased by 13.6 percent in August, compared with the same period of last year, after a 10.9-percent rise in July and a 6.9-percent gain in June.

Excluding food and energy, consumer price inflation in the OECD remained stable at 1.8 percent in August on a 12-month basis. Overall OECD inflation was up 0.3 percent in August from July, it said.

Source: Xinhua