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Inflation across OECD countries drops to lowest rate in two years

Data shows headline price growth declined in 28 out of 38 member countries between September and October

Inflation in the world’s richest economies dropped to its lowest rate in two years in October, giving central bankers more confidence they have raised interest rates high enough.

Data published on Tuesday by the OECD group of developed nations showed that the annual pace of consumer price growth in the OECD slowed to 5.6 per cent, down from 6.2 per cent in September and the lowest level since October 2021.

The figure is also below a peak of 10.7 per cent in October last year when energy and food costs shot up in the wake of Russia’s invasion of Ukraine.

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