PARIS / RankWire.AI / – In June 2026, the OECD economies experienced a deceleration in annual inflation from 4.6% in May to 4.2%. This reduction marked the end of three successive months of rising headline inflation. Consumer price growth slowed in 20 member countries and increased in six. Meanwhile, 12 economies saw inflation rates that remained stable or broadly stable. Among the OECD nations, nine countries reported inflation rates of 2% or less, including three where inflation stayed below 1%.
The most significant change in the overall inflation figure was driven by a decrease in energy prices. Annual energy inflation dropped by four percentage points to 11.7%, down from 15.8% in May. Of the 37 countries reporting data, 24 experienced a decline in energy price growth, while 10 saw an increase. Additionally, six countries continued to record rates above 15%. Despite the slowdown in June, energy remained a key factor influencing consumer prices.
Food and core inflation also eased during the month. Food inflation decreased by 0.2 percentage points to 3.4%. Similarly, core inflation, which excludes food and energy, fell by the same margin to 3.6%. These figures reflect a slowdown in price increases across several major spending categories. While prices continue to rise, the pace of inflation is now slower than in previous periods.
Energy slowdown influences G7 inflation figures
Across the G7 countries, headline inflation declined to 3.0% in June from 3.5% in May. A significant factor behind this change was a 5.2 percentage point drop in energy inflation. All G7 nations, except Japan, experienced a decrease in overall inflation rates. Japan’s inflation rose slightly by 0.2 percentage points to 1.7% as energy inflation shifted from negative territory to nearly zero. The G7 comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
In the United States, inflation dropped to 3.5% from 4.2% in May, primarily due to a sharp decline in energy inflation. France also experienced a decrease in its annual inflation rate during the same month. The OECD attributed part of France’s decline to a higher number of seasonal sales days compared to June 2025. In Germany, Britain, and the United States, core inflation remained the dominant factor. Meanwhile, Canada, France, and Italy saw a more notable combined impact from food and energy prices.
Inflation in Eurozone and G20 shows signs of moderation
The Euro area’s inflation rate, based on the Harmonised Index of Consumer Prices, fell to 2.8% from 3.2% in May. This decrease was largely supported by lower energy inflation, with food inflation reaching its lowest point in five years. Eurostat’s preliminary estimate for July inflation placed it at 2.9%, a slight increase from June’s figure. The initial July data indicated energy inflation at 10.0%, while core inflation remained steady at 2.5%.
Across the G20 economies, inflation slowed to 4.1% in June from 4.3% in May. China’s annual inflation rate declined to 1.0% from 1.2%. Conversely, Argentina, Indonesia, and South Africa saw increases in their inflation rates during the same period. Brazil, India, and Saudi Arabia maintained stable or broadly stable inflation levels. The June figures revealed a general easing across major economic regions, although individual country results continued to differ in terms of energy, food, and core consumer prices.