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Inflation slowing in developed countries

PARIS (AP) -- A report shows that inflation slowed in February in major developed countries thanks mainly to a steep drop in energy prices.

The Organization for Economic Cooperation and Development said in a monthly report Tuesday that consumer prices in its 34 member countries rose by 1.4 percent in the year to February, compared with a 1.7 percent rise in the year to January.

The OECD, a think-tank for the world's most developed countries, said that excluding volatile food and energy prices, core inflation was stable for a fourth month at 1.6 percent in February.

Low inflation has become a concern for several developed countries, mostly in Europe. If consumers and businesses put off purchases in the hope of cheaper deals later, that can hurt growth for an extended period of time.

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