Consumer price inflation in the Organization for Economic Cooperation and Development (OECD) area slowed for the third consecutive month in May, latest data showed.
The consumer price index increased 2.1 percent on an annual basis in May, after growing 2.5 percent in the previous month. In March and February, inflation rates were 2.7 percent and 2.8 percent respectively.
Among member countries, inflation in Canada weakened to 1.2 percent in May from 2 percent in April, and in the United States to 1.7 percent from 2.3 percent, mainly reflecting a fall in energy prices for the first time since October 2009.
In Germany, inflation slowed to 1.9 percent from 2.1 percent, while in Japan it dropped to 0.2 percent from 0.4 percent. The United Kingdom and France recorded inflation rates of 2.8 percent and 2 percent, down from 3 percent and 2.1 percent respectively in the previous month, data showed.
Month-on-month, consumer prices in the OECD area edged down 0.1 percent in May, reversing the previous month's 0.3 percent gain.
by RTT Staff Writer
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