Latin America and the Caribbean: Energy inflation registers the largest increase during first half-year 2024

The annual energy inflation in Latin America and the Caribbean, as of July 2024 (compared to July 2023), was 4.45%.

The Latin American Energy Organization (OLADE) has published today its Energy Inflation Indicator for Latin America and the Caribbean (IE-LAC) corresponding to July 2024. 

This report provides a detailed analysis of energy trends in the region, which is crucial for understanding the behavior of energy markets and their impact on the economy and sustainability of the countries in Latin America and the Caribbean.

Energy inflation in July is 4.8 times the value recorded in June, mainly due to the increase in oil prices in June and July, rising from USD 79.77 to USD 81.80 per barrel. In general terms, the inflation indicator increased in 12 out of the 20 countries analyzed.

It is also worth noting that in July 2024, both the total monthly inflation and the monthly energy inflation for LAC showed an increase.

The annual energy inflation in Latin America and the Caribbean, in July 2024 (compared to July 2023) was 4.45%, with the largest increase occurring during the first half of 2024.

On the other hand, in OECD countries, energy inflation increased from 2.32% in June to 3.30% in July, which corresponds to the highest value recorded during the last semester, despite the total annual inflation decreasing from 5.6% in June to 5.4% in July. 

Overall, energy inflation rose in 22 OECD countries and decreased in 13, with significant differences between these countries.