Consumer price inflation in the OECD area fell to 2.0% in the year to July 2007 from 2.2% in the year to June 2007. On a monthly basis, the price level remained stable in July after a 0.1% increase between May and June 2007.

Consumer prices for energy rose by 0.8% year-on-year in July, compared with 2.9% in June. Consumer prices for food were up by 3.4% year-on-year in July, unchanged compared with June. Excluding food and energy, consumer prices rose by 2.0% in the year to July, unchanged compared with June 2007.

In the euro area, the Harmonised Index of Consumer Prices (HICP) was up by 1.8% in the year to July, compared with 1.9% in the year to June 2007. Month-on-month, the HICP in the euro area was down by 0.2% between June and July after a rise by 0.1% between May and June 2007. Excluding food and energy, the year-on-year rise in the HICP in the euro area amounted to 1.9% in July, unchanged compared with June.

In the United States, the Consumer Price Index (CPI) increased by 2.4% over the twelve months to July, compared with 2.7% in the year to June 2007.

In Japan, consumer prices remained stable year-on-year in July after a decrease of 0.2% in June.

Over the twelve months to July, consumer prices rose by 2.2% in Canada, 1.9% in Germany and in the United Kingdom, 1.6% in Italy and 1.1% in France.