In the G7 area, year-on-year inflation fell to 7.6% in July 2022 , compared to 7.9% in June, with lower energy price inflation in all G7 countries except the UK. Inflation excluding food and energy was the main contributor to headline inflation in Canada, the United Kingdom and the United States, while the combined contribution of food and energy prices was the main contributor to inflation. headline inflation in France, Germany, Italy and Japan (Graph 2).
In the euro area, annual inflation measured by the Harmonized Index of Consumer Prices (HICP) increased to 8.9% in July 2022, vs. 8.6% in June 2022, due to rising food price inflation and non-food and energy inflation more than offsetting falling energy price inflation. Eurostat’s preliminary estimate for the euro area in August 2022 points to a further rise in year-on-year inflation to 9.1%. Inflation excluding food and energy is estimated to have increased to 4.3%, compared to 4.0% in July 2022, while energy price inflation is estimated to have decreased.
In the G20 area, year-on-year inflation remained stable at 9.2% in July 2022, the same as in June 2022 . Outside the OECD, year-on-year inflation rose further in Argentina, China, Indonesia, Saudi Arabia and South Africa, but fell in Brazil and India.
Source: Ambito
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