In July 2015, the annual inflation in the OECD area remained stable at 0.6% for the third consecutive month.
Energy prices continued to decline year-on-year (-9.5%) in July 2015, notably faster than the 9.3% decrease in June. Food prices slightly slowed year-on-year to 1.3% in July, compared to 1.5% in June. Excluding food and energy, annual inflation in the OECD area slightly increased (to 1.7% compared to 1.6% in June 2015).
In July 2015, annual inflation in most major OECD economies remained generally stable. Annual inflation remained stable in Italy (0.2%) and increased slightly in the United States (0.2%, compared to 0.1%) and the United Kingdom (0.1%, compared to 0.0%) and more strongly in Canada (1.3%, compared to 1.0%). It decreased significantly in Japan (0.2%, compared to 0.4%), in Germany, and in France (0.2% in July, compared to 0.3% in June).
In the euro area, annual inflation measured by the HICP stood at 0.2% in July. Excluding food and energy in the euro area, annual inflation increased to 1.0% (compared to 0.8%) in July. The flash estimate published by Eurostat for August 2015 shows an annual inflation that remains stable at 0.2%.
Annual inflation in the G20 area was at 2.5% in July 2015, with, however, a wide diversity in inflation rates in non-OECD countries. Annual inflation accelerated in Brazil (to 9.6% – the highest inflation rate since November 2003). It increased slightly in the Russian Federation (to 15.6%), in China (to 1.6%), and in South Africa (to 4.7%). Conversely, it remained stable in Indonesia (at 7.3%) and Saudi Arabia (at 2.2%) and decreased in India (to 4.4%).
