Inflation in the OECD slowed to 4.1 percent in July

In July, inflation accelerated in 10 of the 38 OECD countries, slowed in 12, while the rate of price increases remained practically unchanged in 16 countries.

The highest inflation was recorded in Turkey, at 33.5 percent, while prices rose by 5.4 percent in Estonia. In the other countries, the growth rate did not exceed 5 percent. The lowest inflation was recorded in Finland and Switzerland, both by 0.2 percent, while prices fell by 0.6 percent in Costa Rica.

Food prices in OECD countries rose by 4.5 percent in July after 4.6 percent in June. Energy price increases slowed to 0.3 percent from 0.9 percent.

Core inflation, which excludes food and energy prices, was 4.4 percent, down from 4.5 percent in June.

Inflation in the G7 countries stagnated at 2.6 percent in July, while in the G20 countries it slowed to 3.8 percent from 3.9 percent in June.

In the OECD, consumer prices rose by 5.2 percent last year, after 6.8 percent in 2023. Food price increases slowed to 4.6 percent from 10.4 percent a year earlier. Energy prices rose by 0.6 percent last year, after a 0.9 percent decline in 2023. Core inflation was 5.7 percent in 2024, down from 7 percent the previous year.