Consumer inflation ticked up in May due to higher energy prices, according to the latest data from the Organization for Economic Co-operation and Development (OECD).
The Paris-based OECD reports that annual consumer inflation came in at 1.5% in May, up from 1.3%in April. “This slight increase in the annual rate of inflation wasmainlydriven by energy prices which increased to 0.5% in May,compared withminus1.3% in [April],” it says. Meanwhile, food price inflationwasbroadlystable in May.Excluding food and energy, the OECD annual inflation rate was also up a little, accelerating to1.5% inMay, compared with1.4% in April.
Annual inflation picked up inCanada (rising to 0.7% from0.4%inApril), and also rose in Germany, the UK, the U.S. andFrance.It was stable inItaly, and deflation continuedinJapanwith consumer prices falling by0.3% in the yeartoMay.
Outside the OECD area, annual inflationincreased inIndia and Russia. In the meantime, annual inflationdecreasedin China, South Africa and Indonesia, and was stablein Brazil.
Comparedwiththe previous month,consumer prices in theOECDarearose by 0.1%in May, it added. Prices rose inCanada, Germany, theUK, the U.S., Franceand Japan. InItaly,priceswere stable.