With slowdown in energy price hike, OECD inflation decreases for 1st time since November 2020
Annual consumer inflation in the Organization for Economic Cooperation and Development (OECD) area fell slightly to 10.2% in July with slowdown in energy price hike.
The figure, down from 10.3% in June,was the first decline in inflation since November 2020, according to a statement released by the Paris-based organization on Tuesday.
Energy prices in the OECD area rose to 35.3% year-on-year in July 2022,down from an annual hike of 40.7% in June.
Rise in energy prices eased in 26 of 38 OECD countries, it stressed.
On the contrary, food price inflation in the OECD continued to increase, reaching 14.5% in July compared with 13.3% a month ago.
Core inflation, excluding food and energy, rose to 6.8% in July, from 6.5% in June.
In the Group of Seven area, year-on-year inflation decreased to 7.6% in July compared to the previous month, led by lower energy price inflation in all G-7 countries except for the UK.
In the euro area, annual consumer inflation climbed to 8.9% in July 2022, as the rise in food price inflation and in inflation excluding food and energy more than compensated the fall in energy price inflation.
In the Group of 20 area the figure was stable at 9.2% in the month.