Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) declined in June 2024, to 5.6% from 5.9% in May (Figures 1 and 2). This is the lowest level since October 2021, although a similar rate was already approached several times since the beginning of 2024, at 5.7%. Headline inflation declined in 24 of 38 OECD countries and stood below 2.0% in nine countries in June as opposed to six in May. By contrast inflation remained above 5.0% in Colombia and Iceland, and above 70% in Türkiye. OECD inflation excluding Türkiye is estimated to have declined to 2.9% in June, from 3.1% in May.
OECD energy inflation declined to 2.3% in June from 2.5% in May, with falls in 24 countries. Significant differences continued to be recorded across OECD countries: energy prices in June rose by 10% or more year-on-year in Türkiye, Colombia, Belgium, Chile, and Denmark, while they fell by more than 10% year-on-year in the United Kingdom, Sweden, Lithuania, and Norway. OECD core inflation (inflation less food and energy) fell below 6.0% for the first time since March 2022. OECD Food inflation was broadly stable at 4.7% from 4.8% in May.
Year-on-year headline inflation in the G7 fell to 2.7% in June from 2.9% in May, reaching its lowest level since March 2021. Headline inflation declined by 0.2 percentage points or more in the United States, Canada and Germany and was broadly stable in the remaining G7 countries. Year-on-year, energy prices continued to decline in the G7 as a whole but have been increasing in Japan, France and, to a lesser extent Canada. Energy prices kept falling (by more than 8.0%) in the United Kingdom and Italy. Food inflation stood below 2.0% for the fourth consecutive month. Core inflation was the main contributor to headline inflation in all G7 countries except for Japan, where it was broadly equal to the combined contribution of food and energy prices (Figure 3).
In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) was broadly stable at 2.5% in June as compared with 2.6% in May. It has hovered between 2.4% and 2.9% since October 2023. Based on HICP, three euro area countries (Lithuania, Italy and Finland) registered headline inflation at or below 1.0%, while it stood at 3.0% or above in five others (Belgium, Spain, the Netherlands, Austria, and Portugal). Core and energy year-on-year inflation were also broadly stable, while food inflation declined slightly. In July 2024, according to Eurostat’s flash estimate, year-on-year inflation remained broadly stable in the euro area, at 2.6%, with unchanged core inflation while energy inflation rose to 1.3% from 0.2% in June.
In the G20, year-on-year inflation fell to 7.0% in June from 7.3% in May. Headline inflation declined in Argentina (still exceeding 270%) and Indonesia, but it increased in Brazil for the second consecutive month. It remained broadly stable in China, Saudi Arabia, and South Africa (Table 2).
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- Next release: 4 September 2024
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