With a return to higher energy prices, inflation ticked up in June, according to new data from the Organization for Economic Cooperation and Development (OECD).
Headline inflation for the OECD overall came in at 4.2% in June, up from 4% the previous month, the Paris-based group reported.
While inflation was up in 21 of the 38 OECD countries during the month, it was stable in 10 countries and declined in seven.
The rise in headline inflation came as energy inflation turned positive in June, following two months of negative readings, the OECD noted.
Overall, energy inflation was just shy of 1% in the month, the OECD said — with 16 countries still reporting declines.
Food inflation was steady in June at 4.6%. Core inflation, which excludes food and energy, was also stable at 4.5%, the group noted.
For the G7 countries, annual headline inflation mirrored the increase for the OECD overall, with the annual rate rising to 2.6% in June from 2.4% in May.
The largest increases in headline inflation were recorded in the U.S. and France, where the rate rose by 0.3 percentage points.
“In France, services inflation picked up, while in the United States food inflation rose,” the OECD said.
Headline inflation was also up in Canada, rising by 0.2 points, but it declined in Japan and was flat in the rest of the G7.
“Core inflation continued to be the main contributor to headline inflation across the G7, except in Japan, where food and energy inflation combined had a larger impact,” the OECD said.
For the euro area, inflation ticked up to 2% in June from 1.9% in May, the OECD said.