Consumer prices in the OECD area rose by 4.8% in the year to July 2008, compared with 4.4% in the year to June 2008. On a monthly basis, the price level rose by 0.4% in July, compared with 0.6% in June.

Consumer prices for energy were up by 22.5% year-on-year in July, as against 19.3% in June and consumer prices for food by 7.2% compared with 6.5% in June. Excluding food and energy, consumer prices rose by 2.3% in the year to July, compared with 2.2% in June.

In the euro area, the Harmonised Index of Consumer Prices (HICP) was up by 4.1% in the year to July, compared with 4.0% in the year to June. Month-on-month, the HICP in the euro area decreased by 0.2% between June and July, after a rise of 0.4% between May and June. Excluding food and energy, the year-on-year rise in the HICP in the euro area amounted to 1.7% in July, compared with 1.8% in June.

In the United States, the Consumer Price Index (CPI) increased by 5.6% over the year to July, compared with 5.0% in the year to June.

In Japan, consumer prices were up by 2.3% year-on-year in July, as against 2.0% in June.

Over the year to July, consumer prices rose by 4.4% in the United Kingdom, 4.1% in Italy, 3.6% in France, 3.4% in Canada and 3.3% in Germany.