OECD area YoY inflation falls to 10.2% in Jul 2022 from 10.3% in Jun

While YoY inflation fell between June and July this year by at least 0.5 percentage points in Canada, Greece, Luxembourg and the United States, the number of countries registering double-digit inflation increased from 13 to 15, OECD said in a press release.

Excluding food and energy, YoY inflation increased to 6.8 per cent in July this year in the OECD nations compared with 6.5 per cent in June.

In the G7 area, YoY inflation decreased to 7.6 per cent in July 2022 compared with 7.9 per cent in June, with lower energy price inflation in all G7 countries except the United Kingdom.

Inflation excluding food and energy was the main contributor to overall inflation in Canada, the United Kingdom and the United States, while the combined contribution of food and energy prices was the main contribution to overall inflation in France, Germany, Italy and Japan, the OECD release said.

In the euro area, year-on-year inflation as measured by the harmonised index of consumer prices (HICP) rose to 8.9 per cent in July this year compared with 8.6 per cent in June.

Eurostat’s flash estimate for the euro area in August this year points to a further increase in YoY inflation to 9.1 per cent. Inflation excluding food and energy is estimated to have risen to 4.3 per cent compared with 4 per cent in July 2022, while energy price inflation is estimated to have decreased.

In the G20 area, YoY inflation was stable at 9.2 per cent in July this year, the same as in June. Outside the OECD, YoY inflation rose further in Argentina, China, Indonesia, Saudi Arabia and South Africa, but decreased in Brazil and India.

ALCHEMPro News Desk (DS)