Annual inflation appears to be easing, according to the latest data from the Organization for Economic Co-operation and Development (OECD).

The OECD said Tuesday that consumer prices growth slowed to 1.7% in the year to August, compared with 2.0% in July. “This slowdown in the annual rate of inflation mainly reflects a sharp deceleration in energy price inflation, to 1.7% in the year to August, compared with 4.5% in July,” it says.

Food price inflation also decreased slightly, it says, adding that, excluding food and energy, the OECD annual inflation rate was broadly stable at 1.6% in August.

Annual inflation slowed in Canada, the U.S., the UK, Germany and France in August, while remaining stable in Italy, and increasing in Japan.

Outside the OECD area, annual inflation slowed in Brazil, China, and India, and was stable in Russia and South Africa. Inflation picked up in Indonesia.

On a month over month basis, consumer prices in the OECD area rose by 0.1% in August.