Annual inflation in the OECD countries increased to 2.6% in May, compared to 2.3% in April, due to higher energy prices. Energy prices rose 9.1% Y-o-Y in May, compared with 6.1% in April, according to the official OECD release.
Annual inflation rose in all developed OECD countries in May, except in Canada where it was stable at 2.2%. In the Euro area, the rate of consumer prices growth increased up to to 1.9% in May, compared with 1.3% in April. Not including food and energy, the Eurozone inflation also increased, to 1.1%, compared with 0.7% in April.
Inflation increased substantially in Germany (to 2.2%, from 1.6%), Italy (to 1.0%, from 0.5%) and France (to 2.0%, from 1.6%). A lesser increase was recorded in the United States (to 2.8%, from 2.5%), Japan (to 0.7%, from 0.6%), and the United Kingdom1 (to 2.3%, from 2.2%).
In in the G20 member-countries, consumer prices were 2.9% up in May, compared with 2.7% in April. The inflation rate increased the most in in Brazil (to 2.9%, from 2.8%) and Argentina (to 26.3%, from 25.5%); while it decreased in Saudi Arabia (to 2.3%, from 2.5%) and Indonesia (to 3.2%, from 3.4%). It remained stable at the previous month’s level in India (at 4.0%), China (at 1.8%), the Russian Federation (at 2.4%) and South Africa (at 4.3%).