The OECD are out with their lagging CPI data and it shows a drop in the headline inflation number which was driven by energy prices falling. Energy prices were 2.3%, down from 3.1% in June y/y.
The OECD core inflation number stayed at 1.9% for the third month on the trot.
July OECD inflation 02 09 2014
Here’s a stark reminder of the differentials between a recovering economy and one in despair.
OECD US EU OECD CPI 02 09 2014
Again, there may be some breathing space for the ECB with most of the fall in inflation driven by energy prices.
The full OECD report is here
