OECD annual inflation rises to 5.9% in July

By Tuba Ongun

Annual consumer inflation in the Organization for Economic Cooperation and Development (OECD) area rose to 5.9% in July, the first increase since October 2022, according to data released on Tuesday.

The figure was up from 5.7% in June, data from the Paris-based organization showed.

Some 26 of 38 OECD countries posted a fall in inflation.

Energy prices decreased 7.5% year-on-year in July, easing from a 9.6% decline in June.

Food inflation in the OECD area eased to 9.2% in July, the lowest level since February 2022, after hitting 10.1% in June.

Year-on-year inflation in the G-7 was stable at 3.9% in July, while it dropped to 5.3% in the euro area. In the G-20, the annual consumer inflation accelerated to 5.8% in July, from 5.5% in June.