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Annual inflation in the OECD area rose by 1.9% in the year to July 2012, down from 2.0% in the year to June 2012. This easing in the annual rate of inflation mainly reflects slower growth in energy and food prices.
Merchandise trade slowed in most major economies in the second quarter of 2012, with contractions in all major European economies, India, Russia and South Africa.
Provisional estimates show that quarter-on-quarter growth in gross domestic product (GDP) in the OECD area slowed to 0.2% in the second quarter of 2012, compared with 0.5% in the previous quarter.
Composite leading indicators (CLIs) continue to point to an easing of economic activity in most major OECD economies and slowdowns in most major non-OECD economies.
Annual inflation in the OECD area rose by 2.0% in the year to June 2012, down from 2.1% in the year to May 2012. This easing in the annual rate of inflation masked opposing movements in energy and food prices.