OECD: energy prices raise inflation

Rising energy prices pushed up annual inflation to 2.3 percent in advanced economies in October from 2.2 percent the previous month, the OECD said on Tuesday. "Energy prices accelerated to 5.4 percent in October, up from 5.1 percent in September while food prices remained broadly stable in October," rising by 2.2 percent compared to 2.1 percent in September, said the Organisation for Economic Cooperation and Development in a statement. Excluding food and energy, annual inflation in the 34 OECD countries increased slightly to 1.7 percent in October. OECD member Britain saw annual inflation spike to 2.7 percent in October from 2.2 percent in September due to a rise in tuition fees. Annual inflation also picked up to 2.2 percent in October in the United States from 2.0 percent. Deflation deepened in Japan to 0.4 percent in October from 0.3 percent. Outside the OECD area, annual inflation accelerated to 9.6 percent in October in India from 9.1 percent. It ticked up to 5.4 percent in Brazil from 5.3 percent. Annual inflation slowed in China to 1.7 percent in October from 1.9 percent the previous month.