In July 2024, energy inflation in Latin America and the Caribbean rose to an annual rate of 4.45%, driven primarily by rising oil prices, which increased from USD 79.77 to USD 81.80 per barrel between June and July. This rise marks a significant increase compared to June, affecting 12 of the 20 countries analyzed in the region. Meanwhile, in OECD countries, energy inflation also rose, reaching 3.30% in July—its highest level in six months—despite a slight decline in overall annual inflation. These figures highlight the inflationary pressures on energy in both Latin America and the Caribbean and in developed economies, with significant implications for regional economic sustainability.
