Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) was broadly stable at 4.1% in July 2026, following a decline in June (Table 1, Figures 1 and 2). Increases in headline inflation across 13 OECD countries were largely balanced by declines in 14, while rates remained broadly stable in 11.
Year-on-year energy inflation and core inflation (inflation excluding food and energy) were broadly stable at 11.6% and 3.6%, respectively, although energy inflation remained above 10% for the fourth consecutive month. Conversely, food inflation declined in 23 OECD countries in July, including falls of 2.0 percentage points (p.p.) or more in Greece, Hungary and Latvia. As a result, OECD food inflation fell to 3.2% in July, after 3.4% in June.
In the G7, year-on-year headline inflation remained stable at 3.0% in July. While most G7 countries saw rising inflation, Italy and the United States, with broadly stable inflation, offset these overall increases. Energy inflation in the G7 rose to 12.2% from 11.8% in June. The largest increases were recorded in Germany (+5.0 p.p.), following the end of the fuel discount scheme on 30 June, and the United Kingdom (+4.1 p.p.), following a raise in the energy price cap (Figures 2 and 4). In Japan, the only G7 country where energy inflation was not close to or above 10%, energy inflation turned positive for the first time since November 2025.
In the euro area, year-on-year headline inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose to 3.0% in July after 2.8% in June, as the rise in energy inflation more than offset the 0.4 p.p. decline in food inflation and core inflation remained broadly stable at 2.5%. Eurostat’s flash estimate for August 2026 points to an additional rise in year-on-year headline inflation in the 21-member euro area, to 3.2%1, with a significant increase in energy inflation to 14.3% and broadly stable core inflation.
In the G20, year-on-year headline inflation fell to 3.9% in July, from 4.1% in June. Headline inflation in China halved, reaching 0.5% in July. It also declined in Brazil, India, Indonesia and South Africa, while it rose in Argentina and remained stable in Saudi Arabia (Table 2).
- Note that this differs from the 3.3% reported in Eurostat’s release of 1 September 2026, which accounts for changes in the composition of the euro area (20 members up to December 2025 and 21 members from January 2026 onwards).
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- Next release: 6 October 2026
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