Inflation remains flat across OECD membership

Global inflation rates remained flat during the year to June, according to new figures compiled by the Organization for Economic Cooperation and Development (OECD).

The group said the annual rate of inflation across its 34 members was unchanged at 0.6 per cent. Excluding food and energy, the annual rate stood at 1.6 per cent for the third consecutive month.

Energy prices continued to fall in the year by minue 9.3 per cent, slightly lower than the 9.8 per cent decline recorded in May. Food price inflation slowed to 1.5 per cent in June as against 1.6 per cent for the preceding month.

In the year to June, inflation was broadly stable in most major OECD economies. In France, inflation was up 0.3 per cent while it expanded from 0.9 per cent to 1 per cent in Canada and from 0.1 per cent to 0.2 per cent in Italy. Inflation decreased slightly in Japan, falling to 0.4 per cent from 0.5 per cent. It also declined in the UK.