Of course, a lot of this growth has come from outside the OECD area, with the figures for OECD area growth being more than 1 per cent lower than for global growth. On inflation, the pick-up has been quite modest, with most OECD countries still recording headline inflation below 3 per cent per annum in the 12 months to September 2005.
Interestingly, the United States where headline inflation was 4.7 per cent, stands out on the upside and lifts the OECD average inflation rate to 3.3 per cent. In Australia, as you are aware, headline CPI rose by 3.0 per cent in the year to the September quarter, up from a recent low point of 2.0 per cent eighteen months earlier.