The annual inflation of the 34 Organisation for Economic Co-operation and Development (OECD) member countries dropped to 1.9 percent in July this year, decreasing slightly compared to 2 percent in June, according to the latest figures.
The easing in the annual rate of inflation was attributed to slower growth in energy and food prices in OECD countries. The inflation rate of energy prices slowed to 0.7 percent in July from 1.4 percent recorded in June, while the inflation in food prices decreased to 2.3 percent in July, the lowest rate since September 2009, from 2.8 percent in the previous month. "Excluding food and energy, the annual inflation rate was unchanged at 1.8 percent in July this year," said the OECD.
In the United States, inflation decreased to 1.4 percent in July from 1.7 percent recorded in June, while in Canada it dropped to 1.3 percent from 1.5 percent in the previous month. Annual inflation remained stable in France at 1.9 percent and Germany at 1.7 percent, while inflation in the United Kingdom rose to 2.6 percent over 2.4 percent in the previous month. Annual inflation decelerated in Japan to -0.4 percent in July, down from -0.2 percent in June.