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Inflation slowing in developed countries
PARIS—Inflation slowed in major developed countries in February amid a steep drop in energy prices, a report showed yesterday. The Organisation for Economic Cooperation and Development said consumer price inflation in its 34 member countries slowed to 1.4 per cent in February from 1.7 per cent in January. The US inflation rate was 1.1 per cent in February, while the European Union's was just 0.8 per cent, well below the 2 per cent many economists deem a suitable level.
The OECD, a think-tank for the world's most developed countries, said however that excluding volatile food and energy prices, core inflation for its 34 members was stable for a fourth month running at 1.6 per cent. Inflation in G-20 countries, which includes major developing countries such as Indonesia, India and Brazil, slowed to 2.3 per cent in February from 2.6 per cent in January, the OECD said.