In the case of Spain, inflation was 2.3%, while the core index stood at 4.8%

MADRID, 5 Sep. (EUROPA PRESS) -

The consumer price index (CPI) of the Organization for Economic Cooperation and Development (OECD) stood at 5.9% in July, two tenths above the year-on-year increase in prices in the previous month and the first increase in the cost of living since October 2022, according to data published by the advanced economies' think tank.

However, the advance is motivated by the "sudden" increase in inflation in Turkey. In fact, excluding the Eurasian country, the data for the seventh month of the year would have been "fundamentally stable." As for the underlying variable, which excludes food and energy from its calculation due to its greater volatility, it climbed to 6.7%, one tenth more.

According to the organization, inflation declines have been recorded in 26 of the 38 member countries, of which 17 recorded falls of more than 0.5%. In this sense, prices showed a significant disparity between OECD members, with deflation figures in Costa Rica (-2.3%), but higher than 15% in the cases of Turkey and Hungary.

Food inflation continued its moderation to 9.2%, below the 10.1% in June, its lowest level since February 2022. For its part, energy prices in the OECD continued in negative territory in July with -7.5% compared to the previous decrease of -9.6%.

Among the OECD countries, the highest inflation figures in July corresponded to Turkey (47.8%), Hungary (17.6%) and Colombia (11.8%), while the smallest year-on-year increases in prices were registered in Switzerland (1.6%), South Korea and Spain (2.3%) and Portugal and Denmark (3.1%).

In the case of Spain, the general rise in prices was 2.3% in July, while the underlying index was 4.8%, five tenths more than in the sixth month of the year.