Year-on-year inflation in the OECD fell slightly to 10.2% in July, compared to 10.3% in June, registering the first drop since November 2020, mainly due to the slowdown in energy prices, the OECD announced on Tuesday. organization.
In a statement, the Organization for Economic Cooperation and Development (OECD) points out that, “while year-on-year inflation fell, between June and July, by at least 0.5 percentage points in Canada, Greece, Luxembourg and the United States, the number of countries with double-digit inflation increased from 13 to 15”.
In July, the increase in energy prices in the OECD reduced to 35.3%compared to 40.7% in June, with decreases in 26 of the 38 OECD countries.
However, the increase in food prices in the OECD continued to accelerate, reaching 14.5% in July 2022, compared to 13.3% in June.
Excluding food and energy, year-on-year inflation increased to 6.8% in July from 6.5% in June.
In the G7 area, the Year-on-year inflation fell to 7.6% in Julycompared to 7.9% in June, with a slowdown in the rise in energy prices in all the countries covered, except the United Kingdom.
Considering this group of countries, core inflation (excluding food and energy prices) was “the main contributor to headline inflation in Canada, the United States and the United Kingdom, while the combined effect of food prices and energy was the main contributor to headline inflation in France, Germany, Italy and Japan.
In the euro area, annual HICP inflation increased to 8.9% in July, from 8.6% in June, as food prices and inflation underlying “more than offset” the slowdown in energy prices.
Eurostat’s flash estimate for the euro area points to a further increase in year-on-year inflation in August, to 9.1%, with core inflation estimated to have risen to 4.3%, from 4.0% July, while energy price inflation will have slowed.
In the G20 area, year-on-year inflation stabilized at 9.2% in July, the same value as in June 2022. Outside the OECD, year-on-year inflation increased the most in Argentina, China, Indonesia, Saudi Arabia and South Africa , but decreased in Brazil and India.
Source: Observadora
