Inflation in OECD area stands at 5.6 percent since October 2021
(MENAFN) In June, the Organization for Economic Co-Operation and Development (OECD) reported an average annual inflation rate of 5.6 percent across its member countries, representing a slight decrease from the 5.9 percent recorded in May. This marks the lowest inflation rate since October 2021. However, the OECD highlighted that this rate had been approached several times since the beginning of 2024, with similar figures reaching 5.7 percent. Within the OECD's 38 member countries, 24 saw a decline in annual inflation rates in June. Notably, nine of these countries experienced inflation rates that fell below 2 percent, indicating a significant easing of inflationary pressures in various regions.
Energy inflation within the OECD area also experienced a reduction, dropping from 2.5 percent in May to 2.3 percent in June. This decline was observed in 24 member countries, suggesting a widespread decrease in energy-related price pressures. In the Group of Seven (G7) nations, the annual inflation rate was recorded at 2.7 percent in June, down from 2.9 percent in May. The euro area also saw a modest decrease in inflation, with rates falling from 2.6 percent in May to 2.5 percent in June.
The trend of moderating inflation extended to the Group of Twenty (G20) countries, where the year-on-year inflation rate decreased from 7.3 percent in May to 7.0 percent in June. This reduction in inflation rates across major global economies highlights a broader trend of easing inflationary pressures, which could signal a stabilization in prices following the significant disruptions caused by the pandemic and subsequent economic fluctuations. The OECD's report underscores the varying degrees of inflationary changes across different regions and economic groups, reflecting both global and local economic dynamics influencing price levels.
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