OECD Inflation Climbs; Spain

Arthi Gupta
04 Oct, 2011
New York City

OECD area inflation climbed in August. Spanish jobless rate rose in September to 21.2%, a record high in the euro zone. Euro area producer price inflation eased but Romanian retail sales dropped in August. Greek retail sales declined in July.

[R]3:00 PM Frankfurt – OECD area inflation climbed in August. Spanish jobless rate rose in September to 21.2%, a record high in the euro zone. Euro area producer price inflation eased but Romanian retail sales dropped in August. Greek retail sales declined in July.[/R]

OECD Area Inflation Climbs

Consumer price inflation in the Organization for Economic Cooperation and Development area increased for the second straight month in August, latest data showed.

The consumer price index grew 3.2% annually in August versus the 3.1% growth recorded in July.

Food prices advanced 4.6% from a year ago and energy prices soared 13.5% in August. Excluding food and energy, the rate of inflation was 1.8%.

On a monthly basis, consumer prices in the OECD area increased 0.2% in August, after rising 0.1% in July.

Euro-zone PPI Eases

Euro-zone producer prices increased at a slower pace of 5.9% from a year ago in August compared to the 6.1% rise logged in July, data from Eurostat showed today.

On a monthly basis, producer prices dipped 0.1% in August, reversing the 0.5% rise in July.

Spanish Jobless Rate Rises to 21.2%

The number of unemployed persons in Spain increased 2.32% on a monthly basis in September to 4.23 million, the Labor Ministry said. In August, unemployment rose 1.25%.

Compared to last year, there was a 5.2% rise in the number of unemployed persons in September following 4.06% increase in August.

Spain''s unemployment rate of 21.2% in August is the highest in euro area, according to Eurostat.

Romanian Retail Sales Drop

Romania''s retail sales excluding sale of motor vehicles and motorcycles, decreased a seasonally adjusted 3% on a monthly basis in August, data released by the National Institute of Statistics showed on Tuesday.

Sales of food, beverages and tobacco fell 3.3% and retail sales of non-food products dropped 2.5% during the month.

Greek Retail Sales Decline

Retail sales in Greece excluding automotive fuel, dropped 2.7% on an annual basis in July compared to the 8.2% fall recorded in June, data released by the Hellenic Statistics Authority showed.

Sales of food products edged up 0.1% annually, while sales of non-food products fell 5.7% in July.

On a monthly basis, retail sales turnover rose 2.9% in July.