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OECD annual inflation slowed to 0.7% in May 2020, driven by energy prices; food prices inflation continued to rise

Annual inflation in the OECD area slowed to 0.7% in May 2020, compared with 0.9% in April and 1.7% in March, on the back of the largest fall in energy prices since September 2009. Energy prices declined by a further (minus) 13.4% in May, following the contraction of (minus) 12.2% in April. By contrast, food price inflation picked up to 4.5%, compared with 4.2% in April, the largest annual increase since December 2011. Excluding food and energy, OECD inflation was stable at 1.6% in May 2020.

Estimates for the OECD area in June are not currently available but Eurostat’s flash estimate1 for the Euro area points to inflation picking up to 0.3% compared to 0.1% in May.

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Source: OECD

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