Annual inflation in OECD area down to 5.7% in June

By Gokhan Ergocun

ISTANBUL (AA) - The annual inflation rate in the Organization for Economic Co-Operation and Development (OECD) declined to 5.7% in June, from 6.5% in May.

In a statement on Thursday, the organization said that all countries but Germany and Japan saw a decline in inflation.

The number of OECD countries that posted double-digit inflation figures decreased to five in June versus nine from May.

The statement said: "Energy inflation in the OECD continued downwards in June, reaching minus 9.6% after minus 5.2% in May.

"It was negative in 27 OECD countries, still it remained above 10% in Hungary, Colombia and the Czech Republic."

Food inflation in the OECD region continued to slow, to 10.1% in June from 10.9% in May. It remained above 10% in 26 OECD countries.

Year-on-year inflation in the G-7 fell to 3.9% in June 2023 from 4.6% in May, while it dropped to 5.5% both in the euro area and the G-20.