Annual inflation in OECD area eases to 5.38 percent, lowest level since October 2021
(MENAFN) In July, annual consumer inflation within the Organization for Economic Cooperation and Development (OECD) area eased to 5.38 percent, reaching its lowest level since October 2021. This marks a decrease from the 5.64 percent recorded in June and the 5.90 percent observed in May. The data, released by the Paris-based organization, highlights a gradual slowdown in inflation across the OECD member countries.
The inflation trend varied across member states, with 17 out of 38 countries experiencing an increase in inflation rates, while 11 saw a decline, and 10 either remained stable or showed minimal change. Notably, excluding Türkiye, where inflation remained significantly high at over 60 percent, the OECD-wide inflation rate was generally stable in July. The cost of energy saw a notable rise of 3.29 percent year-on-year in July, accelerating from a 2.32 percent increase in June, marking the fastest pace of energy price growth in 17 months.
Food prices, having decelerated for nearly two years, reached their lowest annual increase since September 2021, climbing by 4.32 percent in July. Meanwhile, core inflation, which excludes food and energy prices, fell to 5.49 percent in July, the lowest level since January 2022. This decline reflects a broader trend of easing inflationary pressures in the OECD region.
Within the G7 group of advanced economies, headline inflation remained stable at 2.7 percent for the month, with Italy and the UK experiencing the most significant increases. In the G20, consumer prices rose by 6.7 percent on an annualized basis in July, a cooling from the 7.1 percent rate recorded in June. These figures indicate a general moderation in inflationary pressures globally, although variations persist among different countries and regions.
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