OECD inflation rate drops to 2% in May

The inflation rate in the Organization of Economic Cooperation and Development (OECD) area slightly dropped in May due to slower increase in energy and food prices.

The annual inflation rate in the OECD area was 2 percent in May, slightly less than the 2.1-percent rate in April, the OECD said in a report on Tuesday.

In May, energy prices rose 11 percent for the OECD area, slowing down from the 12.1-percent growth in April. Meanwhile, food prices recorded a timid increase of 0.5 percent, the third consecutive monthly growth after a series of negative data between September and February.

OECD consumer prices grew 0.1 percent month-on-month in May, slower than the 0.3-percent increase in April.

Among OECD members, Turkey recorded the highest annual inflation rate of 9.1 percent in May, followed by Iceland, for which the OECD estimated a rate of 7.0 percent.

Source:Xinhua