Inflation in OECD area eases to 10.2% in July

Headline year-on-year inflation in OECD countries has fallen for the first time since November 2020, easing to 10.2% in July as measured by the Consumer Prices Index (CPI). This compares to 10.3% in June and 9.7% in May.

Energy price inflation fell to 35.3% in July from 40.7% in June. Of the 38 OECD countries, 26 saw energy price inflation ease from their June highs, including all G7 countries except for the UK. Food price inflation continued to edge upwards, reaching 14.5%, compared to 13.3% in June.

By country, inflation in July ranged from 2.6% and 3.4% in Japan and Switzerland, to 22.9% and 79.6% in Estonia and Türkiye, respectively.

> Read the full CPI press release

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