Despite mixed results across the region, overall headline inflation declined across the countries that make up the Organization for Economic Cooperation and Development (OECD).
The Paris-based group reported on Wednesday that the annual headline inflation rate slipped to 5.4% in July, down from 5.6% in June.
However, the decline masked some conflicting price trends. The OECD noted that inflation only declined in 11 out of 38 countries, while it rose in 17 countries. It was stable in 10 others.
Excluding Türkiye, which saw its annual inflation rate drop by almost 10 percentage points in the month, OECD inflation was estimated to “have been broadly stable in July,” the report said.
For the G7, headline inflation was stable at 2.7% in July, the OECD noted.
“Core inflation was the main contributor to headline inflation in all G7 countries except for Japan where the combined contribution of food and energy inflation exceeded that of core inflation,” the organization said.
For the OECD overall, core inflation (excluding the food and energy components) declined in July, the group said. Food inflation declined in July, while annual energy inflation jumped to 3.3% in July, up from 2.3% in June.