Overview of the OECD Inflation Rate
The interannual inflation rate for OECD countries fell to 4.1% in July, a tenth of a percentage point lower than June’s rate.
According to the Organisation for Economic Co-operation and Development (OECD), in July, the cost of food decreased by a tenth to 4.5%, while energy expenses rose by 0.3%. This is six tenths less than in June.
Inflation Components
Excluding the impact of food and energy prices, the underlying inflation rate dropped to 4.4% in July, a tenth less than the previous month.
Regional Variations
Among OECD countries, inflation decreased in 12 of the 38 member states, increased in ten, and remained stable or nearly stable in 16.
Eurozone and G7 Inflation
The harmonized consumer price index in the eurozone remained at 2% for the second consecutive month, while the G7 average held steady at 2.6%.
Key Questions and Answers
- What is the current inflation rate for OECD countries? The interannual inflation rate for OECD countries is 4.1% in July, down from 4.2% in June.
- Which components of inflation changed in July? The cost of food decreased by 0.1 percentage points to 4.5%, while energy expenses increased by 0.3 percentage points.
- How did underlying inflation fare in July? Underlying inflation, excluding food and energy prices, dropped to 4.4% in July from 4.5% in the previous month.
- How did inflation vary across OECD countries? Inflation decreased in 12 of the 38 OECD member states, increased in ten, and remained stable or nearly stable in 16.
- What are the recent trends in the eurozone and G7 inflation rates? The harmonized consumer price index in the eurozone has remained at 2% for two consecutive months, and the G7 average held steady at 2.6%.
