Despite declining price pressures in most countries, headline inflation edged higher in July for the first time since October 2022, the Organization for Economic Cooperation and Development (OECD) says.
The Paris-based group reported that annual consumer inflation ticked up to 5.9% in July, from 5.7% in June.
The increase was mainly driven by a sharp rise in inflation in Turkey, the OECD said. Excluding Turkey, inflation was largely flat in the OECD area, and declined in 26 out of 38 countries.
For the G7, annual inflation was stable at 3.9% in July, as headline inflation rose in Canada and the U.S. but declined in the U.K., Italy, France and Germany, while remaining stable in Japan.
Core inflation (excluding food and energy) were the main drivers of headline inflation in the G7 in July, the OECD said.
Energy inflation remained negative in July, the OECD said, dropping by 7.5% in the month. Food inflation also continued dropping, and was down by 9.2% in July, the OECD said.
For the OECD overall, core inflation also rose slightly to 6.7% from 6.6% in June, it said.