OECD annual inflation picks up to 2.6% in May 2018, driven by energy prices

 

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03/07/2018 - Annual inflation in the OECD area increased to 2.6% in May 2018[1], compared with 2.3% in April. This increase was driven by energy prices which rose 9.1% in the year to May, compared with 6.1% in the year to April. Food price inflation slowed to 1.5%, compared with 1.6% in April. Excluding food and energy, OECD annual inflation was 2.0% in May 2018, compared with 1.9% in April. 

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[1]  Starting from the OECD CPI news release released in June 2018, the UK data published for the entire period by the OECD refers to the ONS lead inflation index, i.e. the Consumer Price Index Including Owner Occupiers’ Housing Costs (CPIH). This index is the most comprehensive measure of inflation in the UK. It extends the Consumer Price Index (CPI) formerly used by the OECD to include owner occupiers’ housing costs along with Council Tax.

 

Underlying data:  

OECD, annual inflation

 

 G20, annual inflation

Source: Consumer price indices, OECD

 

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• Next publication date: 2 August 2018 - See all release dates
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