With energy prices easing, headline inflation dropped in August, the Organization for Economic Cooperation and Development (OECD) said in a report on Thursday.
The annual inflation rate for the OECD fell from 5.4% in July to 4.7% in August, with price pressures declining in 24 of the 38 countries, the Paris-based group reported.
The decline in headline inflation came as the energy inflation rate dropped sharply from 3.3% in July to -0.1% in August. Core inflation (excluding food and energy prices) was also down, the OECD said.
For the G7, headline inflation fell in every market except Japan. For the group, inflation dropped to 2.4% overall, down from 2.7% in July.
Declining energy prices also led the easing in the G7’s headline inflation.
“Energy prices fell markedly, while G7 food and core inflation rates were stable,” the OECD said.
In the G20, inflation fell to 6.3% in August from 6.8% in July, the organization noted.