OECD annual inflation slows to 1.9% in July 2014
Consumer prices in the OECD area rose by 1.9% in the year to July 2014, compared with 2.1% in the year to June 2014. This slowdown was mainly driven by lower energy prices which increased by 2.3% in the year to July.
Food price inflation remained stable at 2.1% in the year to July 2014. Excluding food and energy, the OECD annual inflation rate was also broadly stable in July, at 1.9% for the third consecutive month.
Except in France where annual inflation was stable at 0.5% in July, annual inflation slowed in other major OECD economies: to 3.4% in Japan (down from 3.6%); to 2.1% in Canada (down from 2.4% in June); to 2.0% in the United States (down from 2.1%), to 1.6% in the UK down from 1.9%); to 0.8% in German (down from 1.0%) and; to 0.1% in Italy (down from 0.3%).
Annual inflation amongst G20 countries slowed slightly in July (to 2.8%, down from 2.9% in June3): Indonesia (to 4.5% in July, down from 6.7% in June), Russian Federation (to 7.4%, down from 7.8%), South Africa (to 6.6%, down from 6.8%), and Saudi Arabia (to 2.6%, down from 2.7%).
Inflation was stable in Brazil (6.5%) and China (2.3%) but increased in India (to 7.2%, up from 6.5%).