OECD consumer prices down in July

Consumer prices in the Organisation for Economic Cooperation and Development (OECD) area fell 0.6% in July on an annualised basis.

Month-on-month prices in the 30 OECD member countries decreased by 0.2% over the month, compared with a rise of 0.4% in June.

The drop reflects the softening of energy prices with gasoline seeing a large decline over the month reflecting a softening of crude oil prices. Excluding energy and food, consumer prices rose by 1.6% over the 12 months to July, although the pace of the increase slowed from the 1.7% in June.

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