OECD area inflation rises to 4.2% in July

ANKARA

Consumer prices in the Organization for Economic Cooperation and Development (OECD) area climbed 4.2% year-on-year in July, the organization revealed Thursday.

Average annual inflation for 38 member countries posted a rise from the previous month when the figure was 4%, the OECD said in a statement.

Energy prices in the OECD area rose at a faster pace compared to June, with its inflation reaching 17.4% in July.

OECD annual inflation excluding food and energy was stable at 3.1% in the month, it said.

This July, annual inflation jumped to 3.8% in Germany versus 2.3% in June, "reflecting in part the base effect from the temporary VAT decrease."

The annual inflation in Canada and Italy climbed to 3.7% and 1.9% in July.

The figure remained unchanged in the US following six consecutive months of increases, while it slowed in the United Kingdom to 2.1% in August, from 2.4% in July and France (to 1.2%, from 1.5%).

"The new Japanese 2020-base CPI shows continued overall price deflation in Japan in July (minus 0.3%) but at a slower pace than in June (minus 0.5%)," it said.

In the euro area, annual inflation rose to 2.2% in July 2021, compared with 1.9% in June.