Headline inflation was generally stable in July, according to new data from the Organization for Economic Cooperation and Development (OECD).
The Paris-based group reported that the annual consumer inflation rate came in at 4.1% in July, down a tick from 4.2% in June — and within the 4% to 4.2% range where inflation across the OECD has hovered since March.
In July, inflation was up in 10 OECD countries, declined in 12, and was flat in the other 16 members of the OECD, it noted.
In the G7, headline inflation was flat at 2.6% in July, and core inflation (excluding food and energy) was also unchanged at 3%, the group also reported.
For both Canada and Japan, headline inflation was down by 0.2 percentage points in July, “as a slowdown in energy inflation more than offset rising food inflation,” the OECD said.
In the rest of the G7, inflation was broadly stable, it noted.
“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,” it said.
In the euro area, annual headline inflation a remained stable at 2% in July. Preliminary estimates point to it edging up to 2.1% in August, as core inflation was unchanged and energy prices declined more slowly.
For July, the OECD noted that, “Food inflation rose to its highest level since February 2024, while the decline in energy prices slowed slightly and core inflation remained stable.”
For the OECD overall, food inflation came in at 4.5% in July, compared with 4.6% in June — yet, food inflation only declined in 12 countries, while it rose in the majority of OECD countries (21), and five countries reported little change. “Core inflation also remained broadly stable at 4.4% compared with 4.5% in June,” the OECD said. “Energy inflation in the OECD slowed to 0.3% in July compared with 0.9% in June.”