According to data released by the think tank for advanced economies, the headline inflation rate in July rose in 17 of the 38 OECD countries, fell in 11 and remained mostly stable or unchanged in 10.

The annual inflation rate of the Organisation for Economic Co-operation and Development (OECD) slowed to 5.4% in July from 5.6% in June, the lowest rise in prices among rich countries since October 2021.

According to data released by the think tank for advanced economies, the headline inflation rate in July rose in 17 of the 38 OECD countries, fell in 11 and remained mostly stable or unchanged in 10.

The slower price increase occurred despite the fact that energy costs rose 3.3% year-on-year in July compared with 2.3% in the previous month, their highest level since February 2023. Meanwhile, food price increases slowed, although without a clear pattern between countries.

The OECD's underlying inflation rate, which excludes the impact of energy and fresh food, thus stood at 5.5% in July, four-tenths less than the previous reading.